Rubber Market Closes Mixed On Higher Regional Futures Market, Stronger Ringgit

By Rosemarie Khoo Mohd Sani

KUALA LUMPUR, April 21 (Bernama) -- The Malaysian rubber market closed mixed today amid higher regional rubber futures market and a firmer ringgit versus the US dollar, said a dealer. 

Dwindling natural rubber (NR) supply due to wintering and torrential rains in major NR-producing countries, and growing hopes for US-China tariff negotiations and further Chinese stimulus measures lifted market sentiment. 

However, besides the stronger ringgit, the declining crude oil prices amid uncertainty around US tariff policies dampened the positive sentiment, she told Bernama.

Oil prices declined almost two per cent in Asian trading hours today as talks between the US and Iran on the latter’s nuclear programme eased supply disruption fears. At the same time, a temporary ceasefire between Russia and Ukraine for Easter Sunday further reduced oil’s risk premium. 

At 3 pm, the Malaysian Rubber Board reported that the price of Standard Malaysian Rubber (SMR) 20 rose by 9.5 sen to 760.50 sen per kilogramme (kg) from last Thursday, while latex in bulk was down by 5.0 sen to 646.50 sen per kg previously. 

The Kuala Lumpur rubber market was closed on Friday, April 18, for Good Friday.

-- BERNAMA