Local Rubber Market Ends Mixed Amid Uptrend In Regional Peers

By Danni Haizal Danial Donald

KUALA LUMPUR, Nov 7 (Bernama) -- The Kuala Lumpur rubber market continued to close mixed on Thursday, supported by the uptrend in regional rubber futures markets and encouraging Chinese economic data amid China’s affirmation to sustain its economic recovery, a dealer said.

She said market sentiment was also influenced by the natural rubber supply disruption in producing countries, but further gains were capped by the ongoing Middle East tensions.

The dealer said Japanese rubber futures climbed for the third straight session on Thursday, tracking stronger global oil prices, but gains were capped by a stronger yen.

“It was reported that the meteorological agency of top rubber producer Thailand has warned of strong winds and heavy rainfall that may cause flash floods from Nov 6-12, including in the southern region,” she told Bernama.

She noted that the People's Bank of China reaffirmed that China would continue to implement a supportive monetary policy to help promote sustained economic recovery.

“China’s customs data showed on Thursday that the country’s trade balance grew more than expected in October to
US$95.27 billion (US$1 = RM4.40).

“Export growth blew past expectations at 12.7 per cent year-on-year in October on robust overseas demand and local production, as factories rushed inventory to major export markets in anticipation of further tariffs from the United States and European Union,” she added.

According to the Malaysian Rubber Board, the price of Standard Malaysian Rubber 20 (SMR 20) rose by 17.5 sen to 891 sen per kilogramme (kg) while latex in bulk fell by seven sen to 680 per kg.

At 5 pm, SMR 20 stood at 891.5 sen per kg while latex in bulk was at 673.5 sen per kg.

-- BERNAMA