By Muhammad Fawwaz Thaqif Nor Afandi
KUALA LUMPUR, May 11 (Bernama) -- The Kuala Lumpur rubber market ended lower on Monday, weighed down by regional rubber futures despite firmer crude oil prices, a trader said.
She said regional rubber futures remained under pressure, with declines seen in Shanghai Futures Exchange (SHFE) Technically Specified Rubber (TSR) 20.
“Sentiment remained cautious, driven by concerns over weak domestic vehicle demand in China and broader uncertainty surrounding global economic and trade conditions.
“China’s domestic vehicle sales fell for a seventh consecutive month in April amid intense competition and sluggish consumer demand,” the dealer told Bernama.
She also said that oil prices surged after Donald Trump rejected Iran’s response to a United States peace proposal, raising concerns over possible supply disruptions in the Strait of Hormuz.
At the time of writing, Brent crude rose 2.08 per cent to US$97.40.
The trader noted that losses were partially cushioned by improving optimism over upcoming US-China trade discussions, stronger Chinese export and inflation data, and supply concerns in the global oil market.
China confirmed that President Xi Jinping and Trump will meet in Beijing on Wednesday, boosting optimism over easing trade tensions.
At 3 pm, the price of Standard Malaysian Rubber (SMR) 20 declined by 0.5 sen to 882 sen per kilogramme (kg), while latex-in-bulk also eased 0.5 to 755.5 sen per kg.
-- BERNAMA
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