Rubber Market Declines, Tracking Regional Cues And Global Cautious Sentiment
By Fatin Umairah Abdul Hamid
KUALA LUMPUR, Oct 29 (Bernama) -- The Kuala Lumpur rubber market ended in decline on Tuesday, attributed to weaker cues from regional rubber futures markets and overall cautious sentiment in the global market, said a dealer.
Concerns surrounding the upcoming United States (US) election and the US interest rate outlook were significant factors affecting market dynamics, she told Bernama.
It was reported that Asian equities traded within a narrow range on Tuesday, as traders prepared for the US election and key economic data, which will set the stage for the next Federal Reserve (Fed) decision.
“Nevertheless, further gains were capped by a recovery in benchmark crude oil prices and a weaker ringgit against the US dollar,” said the dealer.
The Malaysian Rubber Board reported that the price of Standard Malaysian Rubber 20 (SMR 20) declined by 5.5 sen to 863.50 sen per kilogramme (kg), while latex in bulk was down by three sen to 745.50 sen per kg.
At 5 pm, SMR 20 stood at 860.0 sen per kg, while latex in bulk was at 744.0 sen per kg.
-- BERNAMA