Rubber Market Closes Mixed, Influenced By Downtrend In Regional Futures

By Nur Athirah Mohd Shaharuddin

KUALA LUMPUR, Oct 31 (Bernama) -- The Malaysian rubber market ended mixed today, influenced by the downtrend in regional rubber futures markets, said a dealer.

She said market sentiment was affected by mixed Chinese economic data, but improved weather conditions in major natural rubber (NR) producing countries are expected to increase supply and put pressure on prices.

“Nevertheless, further losses were capped by easing of the United States (US)-China trade tensions and increased optimism for further Chinese stimulus,” she said.

The dealer said Japanese rubber futures declined on Friday amid subdued Chinese demand, but remained on track for monthly gains as a weaker yen supported prices.

Meanwhile, China’s non-manufacturing activity edged back into expansion in October, with the services and construction Purchasing Managers’ Index (PMI) rising to 50.1 from 50.0 in September.

At 3 pm, the Malaysian Rubber Board reported that the price of Standard Malaysian Rubber 20 (SMR 20) declined by 18.50 sen to 731.00 sen per kilogramme (kg), while latex-in-bulk rose by 2.0 sen to 565.50 sen per kg.

-- BERNAMA