Rubber Market Ends Higher On Stronger EU Car Sales

By Danni Haizal Danial Donald

KUALA LUMPUR, Oct 23 (Bernama) -- The Kuala Lumpur rubber market ended higher on Friday, supported by stronger European Union (EU) car sales in September amid mixed movements in regional rubber futures markets, said a dealer.

Market sentiment was also lifted by a recovery in Chinese tyre production, higher crude oil prices and stable United States labour market conditions, the dealer said.

“EU car registrations increased by 9.3 per cent year-on-year to 971,048 units in September, driven by demand for electric and hybrid vehicles,” she told Bernama.

China’s tyre production also improved, with semi-steel and all-steel tyre rates rising to 64.78 per cent and 57.70 per cent, respectively, supporting demand prospects, she said.

“Meanwhile, US initial jobless claims fell by 6,000 to 194,000, indicating a stable labour market that could support consumer spending,” she added.

At 3 pm, the Malaysian Rubber Board’s Standard Malaysian Rubber 20 (SMR 20) rose 7.5 sen to 1,042 sen per kilogramme (kg), while bulk latex increased four sen to 798.5 sen per kg.

-- BERNAMA