KL Rubber Market Closes Lower Tracking Regional Futures Markets
By Engku Shariful Azni Engku Ab Latif
KUALA LUMPUR, Jan 27 (Bernama) -- The Kuala Lumpur rubber market ended lower on Monday, tracking trends in regional rubber futures markets as traders responded to weak Chinese economic data, a dealer said.
She said sentiment was further weighed down by declining crude oil prices and a stronger ringgit against the US dollar.
At 4.35 pm, the ringgit strengthened to 4.3720/4.3770 against the greenback, compared to Friday's close of 4.3750/3800.
“Nevertheless, further losses were capped by encouraging United States (US) economic performance and as traders remained cautious ahead of the US Federal Reserve's upcoming interest rate decision later this week,” she told Bernama.
The dealer also noted that trading in the rubber market was quiet due to the absence of market players, as many were away for the long Chinese New Year holidays.
The Malaysian Rubber Board (MRB) reported that at 3 pm the price of Standard Malaysian Rubber 20 (SMR 20) decreased by eight sen to 883 sen per kilogramme (kg) while latex in bulk declined by three sen to 678 sen per kg.
The Kuala Lumpur rubber market will be closed from Jan 28-30, 2025 for the Chinese New Year holidays and will resume operations on Jan 31, 2025.
-- BERNAMA