Rubber Market Ends Higher On Crude Oil Gains

By Fatin Umairah Abdul Hamid

KUALA LUMPUR, May 18 (Bernama) -- The Kuala Lumpur rubber market started the week higher on Monday, supported by gains in benchmark crude oil prices, a dealer said.

At the time of writing, Brent crude oil rose 0.59 per cent to US$110.10 per barrel.

The dealer said market sentiment was lifted by strong US economic data and optimism following the conclusion of US-China talks.

It was reported that both countries had agreed in principle to lower tariffs on selected goods following a recent high-level summit in Beijing.

“However, further gains were capped by weaker Chinese economic data, escalating tensions in West Asia, and heightened inflation concerns, which reinforced expectations of higher US interest rates,” he told Bernama.

At 3 pm, the price of Standard Malaysian Rubber (SMR) 20 rose 13.5 sen to 893 sen perkilogramme (kg), while latex-in-bulk increased five sen to 780.5 sen per kg.

-- BERNAMA