Rubber Market Close Lower On Weaker US Economic Data, Mixed Futures Market

By Rosemarie Khoo Mohd Sani

KUALA LUMPUR, Aug 13 (Bernama) -- The Malaysian rubber market closed lower today, influenced by the weaker United States (US) economic data reported yesterday, and the mixed trend in regional rubber futures markets, said a dealer. 

According to reports, the US consumer prices in July were 2.7 per cent higher year-on-year, according to the Consumer Price Index (CPI) which tracks the cost of a basket of goods and services.

The US’ annual inflation rate has risen by 0.4 percentage points since April. 

Meanwhile, the dealer said market sentiment was also dampened by losses in crude oil prices and a stronger ringgit against the US dollar.

“Nevertheless, further losses were capped by the dwindling raw materials in major natural rubber (NR)- producing countries due to wet weather and the latest Chinese stimulus measures to boost their economic performance,” she told Bernama. 

At 3 pm, the Malaysian Rubber Board reported that the price of Standard Malaysian Rubber (SMR) 20 was down by 4.0 sen to 732.50 sen per kilogramme (kg), while latex in bulk dropped 4.5 sen to 573.0 sen per kg.

-- BERNAMA