Rubber Market Closes Mixed Amid Optimism Over US-China Trade Relations

By Nur Athirah Mohd Shaharuddin

KUALA LUMPUR, Oct 30 (Bernama) -- The Malaysian rubber market ended mixed today amid optimism over the United States-China trade relations, a dealer said.

She said market sentiment was also supported by steady crude oil prices.

“Nevertheless, further gains were capped by declines in the regional rubber futures markets, challenges in the global automotive sector and a weak US economic outlook,” she told Bernama.

The dealer said optimism over US-China ties arose following the meeting between both countries in Busan, South Korea where leaders from both sides highlighted their commitment to mutual cooperation.

She also noted that oil prices were steady on Thursday as investors awaited the outcome of the US-China trade talks, hoping for signs that tensions clouding the outlook for global economic growth would ease.

Meanwhile, Japanese rubber futures dipped on Thursday as concerns over a deepening semiconductor shortage and slowing electric vehicle demand weighed on the auto industry.

At 3 pm, the Malaysian Rubber Board reported that the price of Standard Malaysian Rubber 20 (SMR 20) rose by 1.5 sen to 749.50 sen per kilogramme (kg), while latex-in-bulk fell by 2.0 sen to 563.50 sen per kg.

-- BERNAMA