Local Rubber Market Ends Lower In Tandem With Regional Peers

By Engku Shariful Azni Engku Ab Latif

KUALA LUMPUR, Nov 18 (Bernama) -- The Kuala Lumpur rubber market ended lower on Monday, dragged down by the decline in regional rubber futures markets and a stronger ringgit against the US dollar, a dealer said.

She said market sentiment was also dented by uncertainties over the United States monetary path and as traders were seen digesting rubber statistics reported by the Association of Natural Rubber Producing Countries (ANRPC).

ANRPC reported that global natural rubber (NR) production up to October 2024 reached 11.2 million tonnes, rising 2.9 per cent year-on-year, while global demand declined 4.5 per cent to 12.1 million tonnes.

“Nevertheless, further losses were capped by the recovery in crude oil prices and NR supply disruption due to unfavourable weather in major NR producing countries,” she told Bernama.

Citing the Thai Meteorological Department, the dealer said heavy rains may cause flash floods, including in southern Thailand, until Nov 23, 2024.

According to the Malaysian Rubber Board, the price of Standard Malaysian Rubber 20 (SMR 20) declined by 10 sen to 847.5 sen per kilogramme (kg) while latex in bulk fell by 2.0 sen to 678.5 per kg.

At 5 pm, SMR 20 stood at 841 sen per kg and latex in bulk at 678 sen per kg.

-- BERNAMA