Rubber market ends higher on weaker ringgit, supply disruption

 

The KL rubber market closed higher today following supply disruptions due to adverse weather in Thailand.

KUALA LUMPUR: 

The Kuala Lumpur rubber market closed higher today, supported by a weaker ringgit against the US dollar and supply disruptions due to adverse weather in Thailand, a dealer said.

She said top producer Thailand’s meteorological agency had warned of isolated heavy rains likely in the country’s lower central and possibly southern regions from Oct 6 to 12.

The uptrend (rubber market today) was also driven by encouraging economic data from the United States (US) and China,

 she told Bernama.

The dealer highlighted that the US economy added 254,000 jobs last month, up from an upwardly revised 159,000 in August, as employment growth exceeded expectations, while the jobless rate edged down from the previous month’s level.

“China’s foreign exchange reserves rose more than expected in September, increasing by US$28.2 billion to US$3.32 trillion.

Meanwhile, China’s home sales rose during the National Day holiday following a string of property stimulus measures aimed at boosting the country’s beleaguered real estate market,

 she added.

The Malaysian Rubber Board reported that the price of Standard Malaysian Rubber 20 (SMR 20) and latex-in-bulk rose by 3.5 sen each, to 874.5 sen per kilogramme (kg) and 743 sen per kg, respectively.

At 5pm, SMR 20 stood at 899.5 sen per kg, while latex-in-bulk reached 747 sen per kg. - FMT