Rubber Market Closes Higher, Tracking Regional Futures And Crude Oil

By Engku Shariful Azni Engku Ab Latif

KUALA LUMPUR, Aug 21 (Bernama) -- The Malaysian rubber market rebounded from yesterday's losses to close higher on Thursday, taking the cue from firmer regional rubber futures and stronger crude oil prices, a dealer said.

She noted that sentiment was also buoyed by growing expectations of further economic support measures from Beijing.

At the time of writing, the Brent crude oil price rose 0.76 per cent to US$67.29 per barrel.

She added that Japanese rubber futures also advanced on Thursday, supported by higher oil prices and lingering concerns over adverse weather in major producing regions, as traders assessed yield prospects during the peak production season.

“Nevertheless, further gains were capped by a stronger ringgit against the US dollar and the release of the US Federal Reserve’s meeting minutes. The minutes indicated that policymakers preferred a wait-and-see approach on rate cuts amid tariff-related inflation risks,” she told Bernama.

At 3 pm, the Malaysian Rubber Board reported that the price of Standard Malaysian Rubber (SMR) 20 rose by 10 sen to 734.5 sen per kilogramme (kg) while latex in bulk inched up by 1.5 sen to 568.5 sen per kg.

-- BERNAMA