Downstream demand for rubber has remained positive, a dealer said.
KUALA LUMPUR: The Kuala Lumpur rubber market closed higher yesterday, supported by steady crude oil prices and mixed trends in regional rubber futures, according to a dealer.
“Japanese rubber futures rose for an eighth straight session today, supported by firm downstream demand. Downstream demand for rubber has remained positive, while supplies of raw materials from major overseas producing countries have not been smooth,” he told Bernama.
“The oil prices were steady after jumping more than 2% in the previous session, as markets assessed supply risks linked to Russia-Ukraine tensions and peace talks.”
Traders, however, remained cautious ahead of key US policy signals from the Federal Reserve minutes due later in the day.
“Further gains were capped by a slightly stronger ringgit against the US dollar, as well as uncertainty over future US rate cuts and recent geopolitical developments in the Middle East,” he added.
At 3pm yesterday, Standard Malaysian Rubber 20 rose two sen to 754 sen per kg, while latex-in-bulk added one sen to 576 sen per kg. The Kuala Lumpur rubber market will be closed today and tomorrow.
