By K. Naveen Prabu
KUALA LUMPUR, April 28 (Bernama) -- The Kuala Lumpur rubber market closed lower today, weighed by expectations of increased supply post-winter, a trader said.
He said rubber supply is expected to increase after China’s Labour Day holiday from May 1-5, driven by large-scale tapping in Vietnam and Thailand.
The trader said concerns over China’s zero-tariff policy also pressured sentiment.
“Traders are watching a zero-tariff deal on African imports into China, effective May 1,” he told Bernama.
Starting May 1, China will implement a zero-tariff policy for 53 African countries with which it has diplomatic relations.
Nevertheless, the trader said firmer crude oil prices limited the downside.
At the time of writing, Brent crude rose 2.30 per cent to US$110.7 a barrel.
At 3 pm, the Standard Malaysian Rubber (SMR) 20 price decreased by 1.50 sen to 848.50 sen per kilogramme (kg), while latex-in-bulk decreased by 1 sen to 757 sen per kg.
-- BERNAMA
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