Rubber Market Ends Higher Amid Easing US-China Trade Tensions
By Fatin Umairah Abdul Hamid
KUALA LUMPUR, May 13 (Bernama) -- The Malaysian rubber market ended higher today, supported by the upward momentum in regional rubber futures markets, driven by improved global sentiments as a result of the de-escalation of trade tensions between the United States (US) and China, a dealer said.
The dealer said the market was also buoyed by a slightly weaker ringgit against the US dollar and renewed hopes of further stimulus from China.
Yesterday, it was reported that Washington will cut its China trade tariffs to 30 per cent from 145 per cent, while Beijing will cut its US tariffs to 10 per cent from 125 per cent.
“Nevertheless, further gains were capped by weaker advice from benchmark crude oil prices and weaker Chinese economic data,” she told Bernama.
At the time of writing, Brent crude oil prices declined 26 per cent to US$64.86 per barrel.
Meanwhile, at 3 pm, the Malaysian Rubber Board reported that the price of SMR 20 rose by 14 sen to 770 sen per kilogramme (kg) while latex in bulk was up by 6.5 sen to 611 sen per kg.
-- BERNAMA