Rubber Market Closes Lower In Tandem With Regional Markets

By Rosemarie Khoo Mohd Sani

KUALA LUMPUR, March 10 (Bernama) -- The Malaysian rubber market continued its downtrend to close lower today, in tandem with the lower regional rubber futures markets in response to the weak Chinese economic performance, said a dealer. 

She told Bernama that the Japanese rubber futures fell for the fifth straight session on Monday as the yen strengthened, while deflationary pressures in top consumer China fuelled growth concerns. 

Market sentiment was also dragged down by losses in crude oil prices and a stronger ringgit against US dollar. 

Oil prices dropped as concern about the impact of US import tariffs on global economic growth and fuel demand as well as rising output from the Organisation of the Petroleum Exporting Countries (OPEC) plus. 

Nevertheless, further losses were capped by persistent concerns of natural rubber supply shortage and growing optimism for Chinese stimulus measures. 

Chinese policymakers are deliberating strategies in the ongoing National People’s Congress to bolster economic growth, said the dealer. 

The Malaysian Rubber Board reported that Standard Malaysian Rubber (SMR) 20 eased by 15.5 sen to 884.00 sen per kilogramme (kg) as of 3 pm, while latex in bulk fell by 4.5 sen to 703.50 sen per kg.

-- BERNAMA