Local Rubber Market Extends Downtrend, Tracking Losses In Regional Market
By Engku Shariful Azni Engku Ab Latif
KUALA LUMPUR, April 9 (Bernama) -- The Malaysian rubber market continued to close lower on Wednesday, dragged by huge losses in regional rubber futures markets, a dealer said.
She said market sentiment was also weighed down by the sharp decline in oil prices sparked by fears of the escalating global trade war.
At the time of writing, the Brent crude oil prices dropped 3.55 per cent to US$60.66 per barrel.
“Nevertheless, further losses were capped by optimism of more stimulus from China and natural rubber (NR) supply disruption from major NR producing countries due to the prevailing wintering season,” she told Bernama.
The dealer also mentioned that the Japanese rubber futures tumbled to a more than one-year low on Wednesday, as the looming 104 per cent US tariff on imports from China escalated the global trade war and sparked fears of economic slowdown.
At 3 pm, the Malaysian Rubber Board reported that the Standard Malaysia Rubber (SMR) 20 price fell by 32.5 sen to 738.5 sen per kilogramme (kg), while latex in bulk was down by 7.0 sen to 655.5 sen per kg.
-- BERNAMA