Rubber Market Ends Lower On Regional Futures Downtrend, Drop In Oil Prices
By Fatin Umairah Abdul Hamid
KUALA LUMPUR, Jan 7 (Bernama) -- The local rubber market continued to close lower on Tuesday, influenced by the downtrend in regional rubber futures markets and losses in benchmark crude oil prices, said a dealer.
The dealer also mentioned that the strengthening ringgit against the US dollar weighed on prices, while traders observed improved weather conditions in major producing countries.
“Nevertheless, further losses were capped as sentiment was lifted by hopes for potentially less strict trade tariffs from the United States, coupled with China’s stimulus measures as both leaders from the US and China began talks,” she told Bernama.
At the time of writing, Brent crude prices had declined by 0.37 per cent to US$76.02 per barrel, while the ringgit traded at 4.4905/4955 against the greenback, compared with Monday’s close of 4.5090/5135.
At 3 pm, the Malaysian Rubber Board (MRB) reported that the price of Standard Malaysian Rubber 20 (SMR 20) fell by 14.5 sen to 842.5 sen per kilogramme (kg), while latex in bulk decreased by 3.5 sen per kg to 685.5 sen per kg.
-- BERNAMA