By K. Naveen Prabu
KUALA LUMPUR, March 2 (Bernama) -- The Kuala Lumpur rubber market ended higher today, supported by a sharp jump in crude oil prices.
A trader said oil prices surged to multi-month highs as attacks by Israel and Iran disrupted shipments from the Middle East. At the time of writing, Brent crude oil price jumped 8.66 per cent to US$79.18 a barrel.
The dealer said market sentiment was also underpinned by concerns over tight raw material supply in major producing countries.
“The Japan Exchange Group reported that supply concerns during the wintering season in key producers like Thailand and Vietnam triggered strong speculative buying,” he told Bernama, adding that optimism over potential stimulus measures from China also lifted sentiments.
“Beijing is widely anticipated to announce additional stimulus measures, particularly as China's economic growth has continued to moderate throughout the 2020s,” the dealer said.
However, he said the escalating geopolitical conflict in the Middle East capped further upside. “US President Donald Trump said on Sunday that attacks against Iran will continue for the time being,” he noted.
At 3 pm, the price of Standard Malaysian Rubber (SMR) 20 rose 13 sen to 805 sen per kilogramme (kg), while latex-in-bulk gained 10 sen to 624 sen per kg.
--BERNAMA
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