Rubber Market Closes Higher On Supply Concerns, Strong Regional Futures
By Engku Shariful Azni Engku Ab Latif
KUALA LUMPUR, July 22 (Bernama) -- The Malaysian rubber market closed higher on Tuesday, supported by rising regional rubber futures and concerns over a natural rubber supply shortage due to bad weather in key producing countries, a dealer said.
He said market sentiment was also lifted by the encouraging report of China's auto sales amid the lingering optimism surrounding the US-China trade talks. 'Nevertheless, further gains were capped by declining benchmark crude oil prices and a slightly stronger ringgit against the US dollar amid growing caution over US tariff policies and the ongoing geopolitics in the Middle East,' he told Bernama.
At the time of writing, Brent crude oil fell 1.03 per cent to US$68.47 per barrel.
The dealer noted that Japanese rubber futures edged higher on Tuesday, as heavy rains in key producing countries stoked supply concerns, while strong vehicle sales in China also supported the market. 'It was reported that top rubber producer Thailand's meteorological agency warned of heavy rains that may cause flash floods and overflows from July 21-24,' he added.
At 3 pm, the Malaysian Rubber Board (MRB) reported the price of Standard Malaysian Rubber 20 (SMR 20) climbed by 7.5 sen to 743 sen per kilogramme, while latex in bulk was up by 3.5 sen to 573.50 sen per kg.
-- BERNAMA
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