Local Rubber Market Settles Lower In Line With Regional Peers
By Nur Athirah Mohd Shaharuddin
KUALA LUMPUR, March 17 (Bernama) -- The Malaysian rubber market settled lower on Monday, dragged down by losses in regional rubber futures markets.
A dealer said the decline was driven by heightened concerns over a possible global recession due to mixed economic data and escalating trade tensions following United States (US) tariff move.
“Nevertheless, further losses were capped by gains in crude oil prices,” she told Bernama.
She said Japanese rubber futures fell today due to a strengthening yen, while the escalating trade war dampened the outlook for global markets.
Meanwhile, US President Donald Trump has confirmed that the country would implement reciprocal and sectoral tariffs starting April 2, targeting trading partners including China and India.
“Oil prices surged on Monday after the US vowed to continue attacking Yemen's Houthis until the Iran-aligned group ends its assaults on shipping,” she said.
As of 3 pm, the Malaysian Rubber Board reported that Standard Malaysian Rubber (SMR) 20 fell by 13 sen to 871.5 sen per kilogramme (kg), while latex in bulk decreased by 4.5 sen to 693 sen per kg.
-- BERNAMA