By Fatin Umairah Abdul Hamid
KUALA LUMPUR, Oct 7 (Bernama) -- The Malaysian rubber market closed lower on Tuesday, tracking the downtrend in regional rubber futures and as the ringgit remained flat against the US dollar, said a dealer.
He told Bernama that market sentiment was weighed down by concerns over the prolonged US government shutdown, coupled with broader geopolitical and economic uncertainties, amid the absence of Chinese buyers due to the National Day holiday.
The World Bank recently raised its 2025 growth forecast for China to 4.8 per cent and revised upward its outlook for much of the region.
However, it cautioned that momentum may slow next year due to subdued consumer and business confidence as well as weak new export orders.
“Nevertheless, further losses were capped by steady crude oil prices and China’s improved economic outlook amid traders’ concern of natural rubber supply shortage due to rainy season in major producing countries,” the dealer said.
At 3 pm, the Malaysian Rubber Board reported that the price of Standard Malaysian Rubber 20 (SMR 20) declined by seven sen to 730.5 sen per kilogramme (kg) while latex-in-bulk slipped by a sen to 572 sen per kg.
-- BERNAMA
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