Rubber Market Closes Mixed Amid Steady Crude Oil Prices

By Nur Athirah Mohd Shaharuddin

KUALA LUMPUR, Nov 5 (Bernama) -- The Malaysian rubber market ended mixed today, taking the cue from steady crude oil prices and losses in regional rubber futures markets, a dealer said.

She noted that oil prices were steady amid a wider slump in financial markets and a strong US dollar, as investors assessed the supply outlook.

At the time of writing, Brent crude was up 0.23 per cent to US$64.61 per barrel.

“Meanwhile, Japanese rubber futures edged down on Wednesday, weighed down by supply chain concerns in the automotive sector.

“Nevertheless, further losses were capped by positive news on the ASEAN economy following Chinese stimulus measures,” she told Bernama.

The dealer added that the ASEAN manufacturing sector recorded its strongest performance in over three years in October, with the  S&P Global ASEAN Manufacturing Purchasing Managers' Index (PMI) rising to 52.7 from 51.6 in September.

At 3 pm, the Malaysian Rubber Board (MRB) reported that the price of Standard Malaysian Rubber 20 (SMR 20) decreased by 3.5 sen to 716.00 sen per kilogramme (kg), while latex-in-bulk edged up by one sen to 567.50 sen per kg.

-- BERNAMA