Rubber Market Ends Higher On Ringgit Support, Firmer Oil Prices

By Abdul Hamid A Rahman

KUALA LUMPUR, Dec 29 (Bernama) -- The Kuala Lumpur rubber market closed higher on Monday, supported by a weaker ringgit against the US dollar and firmer crude oil prices, a dealer said.

She said buying interest from Chinese participants for January delivery, ahead of the Lunar New Year holidays in February, also lent support.

“China’s finance ministry said on Sunday that fiscal policies will be more proactive next year, reiterating a focus on domestic demand, technological innovation and strengthening the social safety net,” she told Bernama.

Oil prices rose on Monday as investors weighed talks between the US and Ukrainian presidents on a potential deal to end the war in Ukraine, alongside Middle East tensions that could disrupt supply, she added.

At 4.54 pm, the ringgit weakened to 4.0570/0620 against the greenback, from 4.0470/0535 at Friday’s close.

Meanwhile, Brent crude was up 1.24 per cent at US$61.39 a barrel at the time of writing.

However, gains were capped by weaker regional rubber futures, soft Chinese economic data and plans by Côte d’Ivoire to expand rubber plantations, amid persistent geopolitical tensions, she added.

At 3 pm, Standard Malaysian Rubber (SMR) 20 rose 8.5 sen to 752.0 sen per kilogramme, while latex-in-bulk gained one sen to 575 sen per kilogramme.

-- BERNAMA