Rubber Market Closes Mixed Amid Global Trade Concerns

By Anas Abu Hassan

KUALA LUMPUR, Feb 24 (Bernama) -- The Kuala Lumpur rubber market ended mixed today tracking the performance of regional rubber futures markets amid concerns over escalating global trade tensions, said a dealer.

The dealer noted that market sentiment was also influenced by losses in crude oil prices and a stronger ringgit as weaker United States (US) economic data sparked concerns about softer oil demand.

It was reported that the US S&P Global Composite Purchasing Managers Index, which tracks the manufacturing and service sectors, dropped to 50.4 in February from 52.7 recorded in January.

At the time of writing, Brent crude oil prices declined by 0.34 per cent to US$74.18 per barrel.

“Nevertheless, further losses were capped by optimism over potential Chinese stimulus measures and concerns about natural rubber supply due to wet weather forecast in Thailand,” he told Bernama.

The Malaysian Rubber Board reported that SMR 20 decreased by 2.5 sen to 918.5.0 sen per kilogramme as of 3 pm while latex in bulk gained 1.5 sen to 697.5 sen per kilogramme.

-- BERNAMA