Rubber Market Reverses Gains, Tracks Regional Losses
By Siti Noor Afera Abu
KUALA LUMPUR, May 28 (Bernama) -- The Malaysian rubber market snapped previous gains to close lower, following losses in regional rubber futures markets.
The decline was attributed to ongoing concerns over the United States’ economic outlook as tariff uncertainty persists, said a dealer, adding that further losses were capped by gains in oil prices and a weaker ringgit against the US dollar.
“Market sentiment was also supported by a decline in rubber production in Thailand, along with optimism regarding US-European Union trade relations,” the dealer told Bernama.
The Japanese rubber futures fell on Wednesday, as fears of a prolonged price war in China’s automobile market weakened sentiment for the tire-making material.
At 3 pm, the Malaysian Rubber Board reported that the price of Standard Malaysian Rubber 20 (SMR 20) declined by 19 sen to 716.5 sen per kilogramme (kg), while latex in bulk was down by 1.5 sen to 625.5 sen per kg.
-- BERNAMA