Rubber Market Closes Lower As US, China Growth Outlook Weighs On Sentiment

KUALA LUMPUR, Sept 9 (Bernama) -- The Kuala Lumpur rubber market closed lower on Monday as worries about the outlook of US and China economic growth weighed on sentiment.

However, Japanese rubber futures advanced for a second straight session today, buoyed by a weaker yen and worries over persistent wet weather in top producer Thailand.

"In China, The National Bureau of Statistics reported that the country's consumer price index (CPI) rose less than forecast by 0.6 per cent from a year earlier in August.

"Its producer price index (PPI) slid 1.8 per cent from a year earlier, reigniting calls for further stimulus measures to prop up a still-struggling economy," a dealer told Bernama.

Nevertheless, she said further losses were capped by a weaker ringgit against the US dollar and a recovery in crude oil prices, amid unfavourable weather in major producing natural rubber countries.

At 5.03 pm, Brent crude oil prices increased by 1.15 per cent to US$71.93 per barrel. 

The Malaysian Rubber Board’s (MRB) price for Standard Malaysian Rubber 20 (SMR 20) was down by 4.5 sen to 793.50 sen per kilogramme (kg) while latex-in-bulk rose by half a sen to 664 sen per kg.

At 5 pm, the MRB reference price for physical SMR 20 stood at 812 sen per kg while latex-in-bulk was 667.50 sen per kg.

-- BERNAMA