Rubber Market Closes Lower On Stronger Ringgit, Mixed Regional Cues

By Abdul Hamid A Rahman

KUALA LUMPUR, May 2 (Bernama) -- The Malaysian rubber market closed lower today, weighed down by a mixed performance in the regional rubber futures markets and a stronger ringgit against the US dollar, said a dealer. 

At 4.33 pm, the local currency strengthened to 4.2765/2825 versus the greenback from Wednesday’s close of 4.3130/3185.

"Nevertheless, further losses were limited by gains in crude oil prices and concerns over tightening natural rubber supply amid renewed optimism surrounding China-US trade talks," she told Bernama.

She added Thailand's meteorological agency warned of heavy rains and flash floods in the South from May 2 to 7, which could disrupt the rubber supply.

On another note, oil prices rose on Friday, recovering from recent losses after China said it was open to trade talks — a possible sign of Beijing’s willingness to resume negotiations.

At 3 pm, the Malaysian Rubber Board reported the price of SMR 20 slid 7.5 sen to 738.0 sen per kilogramme (kg), while latex in bulk was down by 5.0 sen to 609.0 sen per kg.

-- BERNAMA