Kuala lumpur: The Kuala Lumpur rubber market ended higher today, supported by steady crude oil prices, said a dealer. He noted that oil prices remained stable as traders assessed the risk of supply disruptions following the United States' guidance to vessels transiting the Strait of Hormuz, which kept attention on tensions between Washington and Tehran.

According to BERNAMA News Agency, Brent crude oil was up 0.43 percent to US$69.34 a barrel at the time of writing. The dealer added that market sentiment was lifted by steady demand for rubber. Demand from factories outside China, which are generally willing to pay higher prices for raw materials, has supported natural rubber costs.

However, the dealer mentioned that further gains were capped by expectations of softer tyre demand ahead of the Lunar New Year. He explained that rubber prices are expected to face pressure this week and next as tyre manufacturers reduce demand while shutting down operations ahead of the Lunar New Year.

At 3 pm, the Standard Malaysian Rubber (SMR) 20 rose 6.5 sen to 764.50 sen per kilogramme (kg), while latex-in-bulk increased by two sen to 578.5 sen per kg.