Rubber Market Closes Higher After US Delays China Tariffs

By Nur Athirah Mohd Shaharuddin

KUALA LUMPUR, Jan 21 (Bernama) -- The local rubber market ended higher on Tuesday in line with most of its regional peers as sentiment was lifted after the United States (US) delayed imposing tariffs on China, a dealer said.

Nonetheless, further gains were capped by a drop in oil prices, coupled with a stronger ringgit against the US dollar, he said.

“Japanese rubber futures traded higher today as the delay in US tariffs on China boosted market sentiment, although concerns over seasonal demand limited the rise," he told Bernama.

It was reported that US President Donald Trump had directed federal agencies to assess China's performance under the "Phase 1" trade deal he signed with Beijing in 2020 to end nearly two years of tariff wars.

“Trump did not impose any trade tariffs on China, Mexico, and Canada -- three countries that have been the subject of his ire in recent months -- on the first day of his presidency,” he noted.

At 5 pm, Brent crude oil prices decreased by 0.61 per cent to US$79.64 per barrel.

The Malaysian Rubber Board reported that at 3pm the price of Standard Malaysian Rubber 20 (SMR 20) increased by 11.5 sen to 891 sen per kilogramme (kg) while latex in bulk inched up by two sen to 647 sen per kg.

-- BERNAMA