KUALA LUMPUR: The local rubber market concluded the trading day on a positive note Monday, buoyed by an upward trend in regional rubber futures markets. This rise follows optimism over potential improvements in Chinese economic data, spurred by anticipated additional stimulus measures.

According to BERNAMA News Agency, the market also benefited from increased crude oil prices and disruptions in natural rubber supply caused by adverse weather conditions in Thailand and Malaysia. These factors contributed to the overall positive sentiment in the market.

Despite these gains, the market faced limitations due to the stronger ringgit against the US dollar and subdued trading activity attributed to the year-end holiday season, in addition to ongoing geopolitical conflicts in the Middle East. These elements collectively tempered further upward movement in the market.

The Malaysian Rubber Board reported that the price of Standard Malaysian Rubber (SMR) 20 increased by 14 sen to 890.5 sen per kilogram, while the price of latex in bulk decreased slightly by 1.5 sen to 694.5 sen per kilogram. By 5 p.m., the price of SMR 20 was recorded at 889 sen per kilogram, and latex in bulk stood at 697 sen per kilogram.

In a related development, the Malaysian Rubber Board announced a temporary closure of the local rubber market for two days, from December 31, 2024, to January 1, 2025, in observance of the New Year celebrations. Market operations are scheduled to resume on Thursday, January 2, 2025.