RUBBER MARKET CLOSES HIGHER ON REGIONAL FUTURES GAIN AND RISING OIL PRICES

KUALA LUMPUR, Dec 11 (Bernama) -- The Kuala Lumpur rubber market closed higher on Wednesday supported by gains in regional rubber futures markets and rising crude oil prices, a dealer said.

She noted that the market sentiment was further boosted by prolonged disruptions in natural rubber supply caused by heavy rains and flooding in Thailand, along with encouraging Chinese automobile sales.

“Thailand is bracing for a second wave of heavy rain and potential flooding in its southern provinces from Dec 12 to 16, 2024,” she told Bernama.

Meanwhile, she highlighted that oil prices edged higher on Wednesday, driven by optimism over stimulus measures in China, the world’s largest oil importer, as traders awaited further insights into the US economy and oil inventory data.

At 5 pm, Brent crude oil prices rose by 0.26 per cent to US$72.43 per barrel.

“According to preliminary data released by the China Passenger Car Association (CPCA), retail sales of passenger vehicles in China rose by 18 per cent year-on-year (y-o-y) to 2.45 million units in November 2024.

“Meanwhile, global sales of Chinese-made passenger vehicles rose by 15 per cent y-o-y to 2.943 million units in November 2024,” she added.

According to the Malaysian Rubber Board, the price of Standard Malaysian Rubber 20 (SMR 20) rose 10.0 sen to 910.50 sen per kilogramme (kg), while latex in bulk increased 2.5 sen to 695.00 per kg.

At 5 pm, SMR 20 stood at 915.50 sen per kg, while latex in bulk was at 698.00 sen per kg.

-- BERNAMA