Rubber Market Stages Rebound On Regional Gains After Recent Losses

By Fatin Umairah Abdul Hamid

KUALA LUMPUR, Jan 21 (Bernama) -- The Kuala Lumpur rubber market snapped recent losses to end higher on Wednesday, supported by gains in regional rubber futures and a weaker ringgit against the US dollar.

A dealer said the market sentiment was further lifted by expectations of additional stimulus measures from Beijing to support economic growth. It was reported that China is planning to introduce new measures to promote the consumption of services, betting that elderly care, healthcare, and leisure can offset tepid demand for goods. “However, further upside was capped by mixed crude oil price signals and persistent global geopolitical uncertainties,” she told Bernama.

At the time of writing, the Brent crude oil was down 1.45 per cent to US$63.93 a barrel.

At 3 pm, the Standard Malaysian Rubber (SMR) 20 gained two sen per kilogramme (kg) to 743.5 sen/kg, while latex-in-bulk added one sen to 576.00 sen.

-- BERNAMA