Rubber Market Closes Lower On Concerns Over Global Trade War
By Nur Athirah Mohd Shaharuddin
KUALA LUMPUR, March 6 (Bernama) -- The local rubber market closed lower on Thursday, tracking the stronger ringgit against the United States (US) dollar as the global economic outlook was dented by ongoing concerns over the global trade war, a dealer said.
At the time of writing, the local note was trading higher at 4.4210/4250 against the US dollar from 4.4270/4320 at Wednesday’s close.
The dealer said that nevertheless, further losses were capped by the shortage of natural rubber supply due to the low season in major producing countries.
“Japanese rubber futures hit a three-and-a-half-month low on Thursday, pressured by fears of a trade war between the US and top rubber consumer China, although tariff reprieves for some automakers cushioned the fall,” he told Bernama.
The Malaysian Rubber Board reported that Standard Malaysian Rubber (SMR) 20 eased by 4.5 sen to 904.50 sen per kilogramme (kg) as of 3 pm, while latex in bulk fell by 2.5 sen to 710.00 sen per kg.
-- BERNAMA