By Danni Haizal Danial Donald
KUALA LUMPUR, Nov 20 (Bernama) -- The Kuala Lumpur rubber market snapped its three-day winning streak by easing slightly today at the close amid mixed advice from regional rubber markets, said a dealer.
He said market sentiment was also dented by China’s declining vehicle sales and reducing prospects of a December interest rate cut in the United States.
“Nevertheless, further losses were capped by a weaker ringgit against the US dollar, positive news about the availability of semiconductor and persistent concerns over rubber supply,” he told Bernama.
The dealer said Japanese rubber futures climbed on Thursday, supported by a softer yen and supply side worries.
He also said it was reported that rubber tapping in China’s top producing areas Yunnan and Hainan will stop at the end of this month, leading to weaker domestic natural rubber supply, and winter stockpiling were seen providing support for rubber prices.
“In addition, China also welcomed the Netherlands’ decision to retreat from taking control of chip maker Nexperia, calling it a ‘first step in the right direction’ towards easing chip supply shortages after discussions between the two governments,” he added.
At 3 pm, the Malaysian Rubber Board said the price of Standard Malaysian Rubber (SMR) 20 dipped 9 sen to 726 sen per kilogramme, while latex-in-bulk remained unchanged at 575.5 per kilogramme.
-- BERNAMA
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