By Fatin Umairah Abdul Hamid
KUALA LUMPUR, Oct 6 (Bernama) -- The Malaysian rubber market continued to close higher on Monday, supported by firmer regional rubber futures and stable crude oil prices amid ongoing supply concerns due to the rainy season in major producing countries, said a dealer.
However, further gains in rubber prices were capped by a slightly stronger ringgit against the US dollar and heightened uncertainties in the global market, as the US government remains in a state of shutdown, she told Bernama.
The dealer noted that oil prices rose more than one per cent on Monday after the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) announced a smaller-than-expected production increase for November, easing some concerns over supply additions, although a subdued demand outlook is expected to limit near-term gains.
At the time of writing, Brent crude was up 1.67 per cent at US$65.61 per barrel.
On another note, she said Japanese rubber futures rose on Monday as a weaker yen made the commodity more affordable to overseas buyers.
At 3 pm, the Malaysian Rubber Board reported that the price of Standard Malaysian Rubber 20 (SMR 20) increased by seven sen to 737.50 sen per kilogramme (kg), while latex-in-bulk rose by 2.5 sen to 573.00 sen per kg.
-- BERNAMA
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