Rubber Market Closes Lower, Tracking Regional Futures Markets
By Engku Shariful Azni Engku Ab Latif
KUALA LUMPUR, Nov 21 (Bernama) -- The Kuala Lumpur rubber market ended lower on Thursday, taking its cue from the mixed regional rubber futures market performance and weighed down by the stronger ringgit versus the US dollar, a dealer said.
She said the market sentiment was also affected by uncertainties in the United States policies and the ongoing Middle East geopolitical conflict.
“Nevertheless, further losses were capped by gains in crude oil prices, rising hopes for more Chinese fiscal stimulus, and concerns for tight global natural rubber supply due to inclement weather forecasts in major producing countries,” she told Bernama.
At 5 pm, Brent crude oil prices rose by 1.1 per cent to US$73.69 per barrel.
According to the Malaysian Rubber Board, the price of Standard Malaysian Rubber 20 (SMR 20) slid by 8.0 sen to 856.5 sen per kilogramme (kg), while latex in bulk inched down by two sen to 679 sen per kg.
At 5 pm, SMR 20 stood at 854 sen per kg and latex in bulk was at 678 sen per kg.
-- BERNAMA