Local Rubber Market Closes Lower On Stronger Ringgit

By Fatin Umairah Abdul Hamid

KUALA LUMPUR, March 26 (Bernama) -- The Malaysian rubber market closed lower on Wednesday, weighed down by a stronger ringgit against the US dollar following weak US economic data, said a dealer.

At the time of writing, the ringgit stood at 4.4295/4340 against the greenback, strengthening from yesterday’s close of 4.4355/4390.  

The dealer noted that market sentiment was also dampened by concerns over escalating US-China trade tensions and mixed signals from regional rubber futures markets, as players remained cautious ahead of a new round of US tariffs next week.

“Nevertheless, further losses were capped by gains in crude oil prices, optimism for more Chinese economic stimulus, and a restricted rubber supply from major natural rubber producing countries,” she told Bernama.

At 3 pm, the Malaysian Rubber Board reported that Standard Malaysian Rubber (SMR) 20 dropped 13 sen to 881 sen per kilogramme, while latex in bulk fell six sen to 678 sen per kilogramme.

-- BERNAMA