Rubber Market Ends Lower Due To Weaker Oil Prices, Stronger Ringgit

By Nur Athirah Mohd Shaharuddin

KUALA LUMPUR, May 5 (Bernama) -- The Malaysian rubber market closed lower today, pressured by falling crude oil prices and a stronger ringgit against the US dollar.

Trading was also subdued due to public holidays in several regional rubber markets, a dealer said.

At 4.35 pm, the local currency strengthened to 4.2140/2200 versus the greenback from Friday’s close of 4.2560/2600, making Malaysian rubber less competitive in international markets.

The dealer said concerns over the impact of US trade tariffs on the global economic outlook continued to weigh on market sentiment.

“Nevertheless, further losses were capped by concerns over dwindling raw material supply in major natural rubber (NR) producing countries due to wet weather, as well as optimism over United States trade talks, following signs of easing trade tensions,” he said.

At 3 pm, the Malaysian Rubber Board reported that the price of Standard Malaysian Rubber (SMR) 20 dropped 9.0 sen to 729 sen per kilogramme (kg), while latex in bulk fell 4.50 sen to 604.50 sen per kg.

-- BERNAMA