Local Rubber Market Closes Mixed Amid Better Market Sentiment Regionally

By Fatin Umairah Abdul Hamid

KUALA LUMPUR, Jan 8 (Bernama) -- The local rubber market ended mixed on Wednesday amid the better performance of its regional peers and gains in benchmark crude oil prices, said a dealer.

She noted that market sentiment was lifted by China's stimulus measures and rising concerns over natural rubber supply.

Thailand's Meteorological Department anticipated that the monsoon prevailing over the gulf and the south will strengthen with more rains and isolated heavy rains in the lower south.

At the time of writing, Brent crude prices had risen by 0.99 per cent to US$77.79 per barrel.

“Nevertheless, further gains were capped by the continuous strengthening ringgit against the United States (US) dollar, reduced prospects of US interest rate cuts and brewing Chinese-US trade tensions,” she told Bernama.

The Malaysian Rubber Board reported that at 3pm, the price of Standard Malaysian Rubber 20 (SMR 20) increased by 6.0 sen to 848.5 sen per kilogramme (kg) while latex in bulk fell by 5.0 sen to 680.5 sen per kg.

-- BERNAMA