Local Rubber Market Closes Lower In Line With Regional Peers
By Engku Shariful Azni Engku Ab Latif
KUALA LUMPUR, March 21 (Bernama) -- The Malaysian rubber market closed lower on Friday due to weaker guidance from its regional peers and benchmark crude oil prices, a dealer said.
She said market sentiment was dented by traders’ concern over rising geopolitical tensions and global economic uncertainties.
“Nevertheless, further losses were capped by the tightening of raw materials owing to wintering season in major natural rubber-producing countries and increasing hopes for further Chinese stimulus measures,” she told Bernama.
The Malaysian Rubber Board reported that as of 3 pm, the Standard Malaysian Rubber (SMR) 20 was down by 4.5 sen to 880 sen per kilogramme (kg) while latex in bulk declined by five sen to 688.5 sen per kg.
-- BERNAMA