Rubber Market Ends Higher On Concerns Over Raw Material Shortage
By Durratul Ain Ahmad Fuad
KUALA LUMPUR, April 14 (Bernama) -- The Malaysian rubber market ended higher today, supported by ongoing concerns over raw material supply shortage due to weather conditions and wintering in major natural rubber (NR) producing countries, a dealer said.
He said market sentiment was also lifted by an uptick in Shanghai rubber futures amid encouraging Chinese economic data and potential Chinese stimulus measures.
“Nonetheless, further gains were capped by a stronger ringgit and easing crude oil prices amid the escalating trade war between the United States (US) and China as traders observed NR statistics released by the Statistics Department Malaysia (DOSM),” he told Bernama.
According to the dealer, Thailand's meteorological agency predicted thundershowers and isolated heavy rains over the southern parts from April 14-19. It warned farmers about possible damage to crops.
China's export growth beat expectations in March, rising 12.4 per cent year-on-year after factories rushed out shipments before US tariff took effect.
As of 3 pm, the Malaysian Rubber Board reported that the price of Standard Malaysian Rubber (SMR) 20 rose by 4.5 sen to 767.0 sen per kilogramme (kg), while latex in bulk was up by 1.5 sen to 658.5 sen per kg.
-- BERNAMA