Kuala Lumpur: The Malaysian rubber market ended higher today supported by raw materials supply shortage concerns due to wintering in major natural rubber (NR) producing countries and steady benchmark crude oil prices, a dealer said.

According to BERNAMA News Agency, market sentiment was also lifted by growing hopes involving the United States tariff negotiations and Chinese stimulus measures. Nonetheless, further losses were capped by a stronger ringgit against the US dollar amid concerns for the global economic outlook.

The dealer noted that oil prices extended gains on Thursday on the prospect of tighter supply after Washington imposed further sanctions to curb Iranian oil trade. Additionally, some Organization of the Petroleum Exporting Countries (OPEC) members pledged more output cuts to compensate for pumping above agreed quotas.

At 3 pm, the Malaysian Rubber Board reported that the price of Standard Malaysian Rubber (SMR) 20 rose by 11.5 sen to 751.0 sen per kilogramme (kg), while latex in bulk was up by 2.5 sen to 651.5 sen per kg. The Kuala Lumpur rubber market will be closed tomorrow for Good Friday and will resume operations next Monday.