RUBBER MARKET ENDS MIXED AMID GAINS IN REGIONAL FUTURES

By Danni Haizal Danial Donald

KUALA LUMPUR, Nov 6 (Bernama) -- The Kuala Lumpur rubber market ended mixed on Wednesday, supported by gains in regional futures markets and a weaker ringgit against the US dollar, a dealer said.

She said market sentiment was also boosted by strong United States (US) economic data as market traders are monitoring the US election results.

“Nevertheless, further gains were capped by losses in crude oil prices,” she told Bernama. 

The dealer said that the Japanese rubber futures rose for the second consecutive session on Wednesday, reaching their highest level in a week, supported by stronger economic data from top consumer China and a weaker yen.

“Oil prices fell on Wednesday after industry data showed a bigger-than-expected build in US inventories, while focus remained on potential supply disruptions due to the hurricane in the Gulf of Mexico.

“Data from the American Petroleum Institute showed that US oil inventories exceeded expectations, jumping by about 3.1 million barrels in the week to Nov 1, 2024,” she said.

At 5 pm, Brent crude oil prices fell 1.75 per cent to US$74.23 per barrel. 

She noted that the US services sector activities unexpectedly accelerated in October to a more than two-year high, and employment had strengthened -- more evidence that the economy is in solid shape as the nation heads to the polls to pick the next president.

“The Institute for Supply Management (ISM) reported that its non-manufacturing purchasing managers index (PMI) accelerated to 56.0 last month from 54.9 in September,” she added.

According to the Malaysian Rubber Board, the price of Standard Malaysian Rubber 20 (SMR 20) rose by 1.5 sen to 871 sen per kilogramme (kg), while latex in bulk fell by eight sen to 694 per kg.

At 5 pm, SMR 20 stood at 873.5 sen per kg, while latex in bulk was at 687 sen per kg.

-- BERNAMA