RUBBER MARKET ENDS MIXED AMID STEADY OIL, SUPPLY TIGHTNESS

By Danni Haizal Danial Donald

KUALA LUMPUR, Nov 27 (Bernama) -- The Kuala Lumpur rubber market ended mixed Wednesday, buoyed by steady crude oil prices and concerns over tight rubber supply due to wet weather forecasts, a market source said.

A dealer noted that market sentiment was also lifted by prospects of Chinese fiscal stimulus as traders digested the ceasefire in the Middle East.

“Nevertheless, further gains were capped by a stronger ringgit against the United States (US) dollar and weaker Chinese economic data amid concerns over US trade tariffs,” he told Bernama.

He highlighted that oil prices steadied on Wednesday as markets assessed the potential impact of a ceasefire deal between Israel and Hezbollah, and ahead of Sunday’s Organisation of the Petroleum Exporting Countries Plus (OPEC+) meeting.

At 5 pm, Brent crude oil prices rose 0.33 per cent to US$73.11 per barrel.

According to the China National Bureau of Statistics, China's industrial profits in October fell 10 per cent from a year earlier, an improvement from the 27.1 per cent slump in September. 

However, earnings slid 4.3 per cent in the first 10 months, compared with a 3.5 per cent decline in January-September.

"US President Joe Biden announced the ceasefire deal on Tuesday, marking a de-escalation in the Middle East conflict after 13 months of intense fighting, although Israeli hostilities in Gaza are still expected to continue," he added.

The Malaysian Rubber Board reported that the price of Standard Malaysian Rubber 20 (SMR 20) was unchanged at 854.5 sen per kilogramme (kg), while latex-in-bulk fell by 4.5 sen to 684 sen per kg.

At 5 pm, SMR 20 stood at 868.5 sen per kg, and latex-in-bulk was at 681 sen per kg.

-- BERNAMA