By Engku Shariful Azni Engku Ab Latif
KUALA LUMPUR, Oct 2 (Bernama) — The Kuala Lumpur rubber market sustained its upward momentum on Wednesday to close higher, in line with gains in regional rubber futures markets and crude oil prices, despite the absence of Chinese players, said a dealer.
The dealer noted that market sentiment was also supported by optimism for a potential United States (US) interest rate cut in November, along with concerns over a global natural rubber supply shortage.
“Nevertheless, further gains were capped by a slightly stronger ringgit against the US dollar coupled with the escalating Middle East conflict,” she told Bernama.
Adding to supply concerns, Thailand’s meteorological agency has issued warnings of heavy rains and possible floods from Oct 1 to Oct 7, 2024, which could disrupt rubber production.
The Malaysian Rubber Board (MRB) reported that the price for Standard Malaysian Rubber 20 (SMR 20) was up by 5.5 sen to 910.5 sen per kilogramme (kg), while latex-in-bulk increased by 2.5 sen to 723 sen per kg.
At 5 pm, SMR 20 stood at 903 sen per kg, with latex-in-bulk at 726 sen per kg.
— BERNAMA
