KUALA LUMPUR, Aug 11 — The Kuala Lumpur rubber market ended higher on Tuesday, buoyed by gains in regional rubber futures and firmer crude oil prices, a dealer said.
He said market sentiment was further supported by positive United States (US) economic data and China’s pledge to strengthen financial support for domestic consumption.
“Nevertheless, further gains were capped by fading hopes for a deal to reopen the Strait of Hormuz and continued geopolitical tensions in West Asia,” he told Bernama.
He noted that oil prices rose further on Tuesday as hopes for a deal to reopen the Strait of Hormuz faded.
At the time of writing, Brent crude jumped by 2.54 per cent to US$89.95 per barrel.
At 3 pm, the price of Standard Malaysian Rubber 20 (SMR 20) rose by six sen to 910 sen per kilogramme (kg) while latex in bulk increased by 1.5 sen to 692.5 sen per kg.
