Rubber Market Closes Higher, Tracking Shanghai Gains And Oil Prices

By Engku Shariful Azni Engku Ab Latif

KUALA LUMPUR, July 25 (Bernama) -- The Malaysian rubber market continued its upward trend, closing higher on Friday, supported by an increase in regional rubber futures, driven by a rise in the Shanghai rubber futures market and stable crude oil prices, a dealer stated.

She said market sentiment was lifted by optimism for China’s economic stimulus and positive development surrounding fresh China-US trade talks scheduled next week.

“Further gains were capped by weak Chinese economic data, including subdued global auto sales,” the dealer told Bernama.

She noted that the Japanese rubber futures edged higher on Friday, locking in a sixth consecutive week of gains, supported by persistent rainfall in key producing regions and renewed optimism over China’s economic stimulus measures.

She also noted that oil prices rose Friday on hopes of a US-European Union trade deal and reports of Russia limiting gasoline exports.

At 3 pm, the Malaysian Rubber Board (MRB) reported that the price of Standard Malaysian Rubber 20 (SMR 20) surged 7.5 sen to 754 sen per kilogramme (kg), while latex in bulk remained unchanged, standing at 579 sen per kg.

-- BERNAMA