Rubber Market Closes Higher On Firmer Oil, Positive China Data

By K. Naveen Prabu

KUALA LUMPUR, April 27 (Bernama) -- The Kuala Lumpur rubber market closed higher today, supported by gains in crude oil prices and positive data from China, a trader said.

She said oil prices climbed as United States-Iran peace talks stalled, while limited shipments through the Strait of Hormuz kept global supplies tight.

At the time of writing, Brent crude rose 2.28 per cent to US$107.70 a barrel.

The trader said sentiment was further buoyed by encouraging economic data from China.

“The National Bureau of Statistics reported that profits at China’s industrial firms rose 15.5 per cent in the first quarter from a year earlier, while fiscal spending increased 2.6 per cent over the same period as Beijing stepped up support for growth,” she said.

Nevertheless, she said further gains were capped by a stronger ringgit against the US dollar, amid the stalled US-Iran talks.

At 3 pm, the Standard Malaysian Rubber (SMR) 20 price rose nine sen to 850 sen per kilogramme (kg), while latex-in-bulk gained 0.5 sen to 758 sen per kg.

-- BERNAMA