Rubber Market Ends Mixed Amid Regional Uptrend, Steady Oil Prices
KUALA LUMPUR, May 6 (Bernama) -- The Malaysian rubber market ended mixed today amid an uptrend in the regional rubber futures markets and gains in oil prices.
A dealer said oil prices gained more than US$1 per barrel on Tuesday, rebounding on technical factors and bargain hunting after a decision by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) to boost output sent prices down in the previous session, although concerns about the oil surplus outlook persisted.
Further gains were capped by US tariff volatility and the ongoing China-US trade war, she said, adding that “the US services sector's growth picked up in April, with non-manufacturing purchasing managers index (PMI) increasing to 51.6 last month from 50.8 in March.”
She also noted that the China Caixin/S&P Global services purchasing managers’ index (PMI) fell to 50.7 from 51.9 in March, its lowest reading since September.
At 3 pm, the Malaysian Rubber Board reported that the price of Standard Malaysian Rubber (SMR) 20 rose by 14.0 sen to 743 sen per kilogramme (kg) while latex in bulk was down by 3.0 sen to 601.50 sen per kg.
-- BERNAMA