Rubber Market Closes Higher, Tracking Regional Futures Markets

By Engku Shariful Azni Engku Ab Latif

KUALA LUMPUR, Nov 20 (Bernama) -- The Kuala Lumpur rubber market continued its upward trend to end higher on Wednesday, buoyed by a rally in regional rubber futures markets and a weaker ringgit against the US dollar, a dealer said.

She said market sentiment was also lifted by persistent concerns over a global natural rubber shortage and China's decision to leave benchmark lending rates unchanged.

Thailand's meteorological agency has warned of heavy rains and possible flash floods from Nov 19 to Nov 25, 2024.

“However, further gains were capped by mixed signals from crude oil prices and the ongoing Russia-Ukraine conflict, which weighed on market sentiment,” she told Bernama.

She also noted that Japanese rubber futures rose on Wednesday, driven by a weaker yen and bullish investor sentiment in China, the world's top rubber consumer.

According to the Malaysian Rubber Board, the price of Standard Malaysian Rubber 20 (SMR 20) surged by 27.0 sen to 871 sen per kilogramme (kg), while latex in bulk increased by three sen to 682.5 sen per kg.

At 5 pm, SMR 20 stood at 864.5 sen per kg and latex in bulk was at 681 sen per kg.

-- BERNAMA