Rubber Market Ends Higher On Regional Gains

By K.Naveen Prabu

KUALA LUMPUR, Sept 24 (Bernama) -- The Malaysian rubber market closed higher today, supported by gains in regional rubber futures, a dealer said.

He noted that Japanese rubber futures rose for the second consecutive session, driven by strong tyre demand in India following recent tax reforms.

According to the dealer, prices were also underpinned by concerns over natural rubber supply due to rainy weather in producing countries.

“Thailand’s meteorological agency, in its weather outlook for Sept 23 to 29, has warned of heavy rains and possible flash floods,” he noted.

However, further gains were capped by weaker auto sales data from China, he told Bernama.

“In July, China sold 446,913 plug-in hybrid vehicles, marking the segment’s slowest year-on-year growth since June 2020, as deliveries of new models slowed, according to EV Volumes,” he said.

At 3 pm, the Malaysian Rubber Board reported that the price of Standard Malaysian Rubber 20 (SMR 20) rose 12.5 sen to 743.0 sen per kilogramme, while latex-in-bulk added one sen to 580.0 sen per kilogramme.

-- BERNAMA