By Engku Shariful Azni Engku Ab Latif
KUALA LUMPUR, May 6 (Bernama) -- The rubber market closed slightly lower on Wednesday, weighed by lingering geopolitical uncertainties surrounding the West Asia conflict, and despite an upward trend in regional rubber futures.
A dealer said sentiment was further dampened by continued weakness in China's automotive sector, following reports of declining electric vehicle sales amid intensifying competition.
“However, losses were cushioned by resilient macroeconomic indicators in major economies as China's services sector expanded at a faster pace in April.
“Downside was further limited by improving market sentiment, supported by growing optimism over a potential US-Iran peace agreement,” she told Bernama.
On the regional rubber futures, the dealer said the Japanese rubber futures were closed for a holiday today.
At 3 pm, the Standard Malaysian Rubber (SMR) 20 price inched down by 1.5 sen to 870.50 sen per kilogramme (kg) while latex-in-bulk was down by a sen to 754 sen per kg.
-- BERNAMA
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