Rubber Market Ends Higher On Resilient US Demand

By K. Naveen Prabu

KUALA LUMPUR, Sept 17 (Bernama) -- The Kuala Lumpur rubber market ended higher on Thursday, supported by resilient consumer demand in the United States.

A dealer said market sentiment was buoyed by encouraging US economic data, with retail sales rising 1.2 per cent in August and business inventories increasing 0.8 per cent in July, signalling solid domestic activity.

The dealer said China’s efforts to bolster its industrial capabilities were another positive factor for market sentiment. “China's push to strengthen advanced manufacturing could support industrial demand,” she told Bernama.

Nevertheless, “lower crude oil prices capped gains, as improving Saudi supplies and easing West Asia supply concerns eased the risk of disruptions,” the dealer said. 

At 3 pm, the price of SMR 20 increased 19 sen to 986 sen per kilogramme (kg), while latex in bulk rose five sen to 715 sen per kg.

The rubber market was closed on Wednesday, Sept 16, in conjunction with Malaysia Day and resumed operations today.

-- BERNAMA