Kuala lumpur: The Kuala Lumpur rubber market ended higher on Wednesday, lifted by optimism over a potential United States-Iran diplomatic breakthrough, said a dealer. He noted that global sentiment is improving with renewed optimism regarding potential diplomatic engagement between the US and Iran.

According to BERNAMA News Agency, Asian stocks extended gains on Wednesday, led by technology shares tracking Wall Street, amid cautious optimism over potential US-Iran diplomatic progress. However, further gains in the rubber market were capped by a stronger ringgit against the US dollar, alongside expectations of improving raw material supply as the wintering season nears its end.

A weakening Chinese rubber demand, as tyre factories cut operating rates due to high costs, alongside improving supply as the wintering season ends, is expected to pressure rubber prices in the near term. At the opening, the local currency strengthened to 3.9430/9510 against the greenback, from 3.9500/9545 at Tuesday's close.

At 3 pm, Standard Malaysian Rubber (SMR) 20 rose by 1.5 sen to 814 sen per kilogramme (kg), while latex in bulk increased by 1.5 sen to 769 sen per kg.