Rubber Market Ends Higher In Tandem With Regional Futures
Rubber Market Ends Higher In Tandem With Regional Futures
By Fatin Umairah Abdul Hamid and K Naveen Prabu
KUALA LUMPUR, June 18 (Bernama) -- The Kuala Lumpur rubber market ended higher on Wednesday, in tandem with regional rubber futures markets and a weaker ringgit against the United States (US) dollar, a dealer said.
At the time of writing, the local note slid to 4.2470/2550 against the greenback compared with yesterday's close of 4.2390/2475.
The dealer said the positive sentiment was driven by concerns over natural rubber (NR) supply and China's efforts to develop financial systems independent of Western institutions.
People's Bank of China Governor Pan Gongsheng said China will establish an international operations centre for the e-CNY (digital yuan) in Shanghai.
The move comes amid renewed interest in a global yuan, as international trade tensions driven by United States (US) tariff policies prompt investors to seek alternatives to dollar-based investments.
'Nevertheless, further gains were capped by weaker US economic data amid declines in crude oil prices and rising geopolitical tensions,' she told Bernama.
At the time of writing, Brent crude oil prices decreased 0.82 per cent to US$75.82 per barrel.
At 3 pm, the Malaysian Rubber Board reported that the price of Standard Malaysian Rubber 20 (SMR 20) rose by 10.5 sen to 715.50 sen per kilogramme (kg), while latex in bulk was up by 2.5 sen to 587.00 sen per kg.
-- BERNAMA
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