Rubber Market Ends Mixed Amid US-China Trade Talks
By Durratul Ain Ahmad Fuad
KUALA LUMPUR, June 4 (Bernama) -- The Malaysian rubber market ended mixed today as traders remained cautious amid growing hopes of the United States (US)-China trade talks this week, a dealer said.
She said the price of Standard Malaysian Rubber 20 (SMR 20) rose in tandem with regional rubber futures markets amid US-China trade talks.
“Nevertheless, further gains were capped by losses in oil prices and weaker US economic data as US tariff uncertainties persisted,” she told Bernama.
She said that most Asian stocks rose on Wednesday amid growing hopes that US and Chinese leaders will speak this week and revitalise stalled trade talks between the two countries.
She added that oil prices had slipped on Wednesday, weighed down by concerns of increasing Organisation of the Petroleum Exporting Countries and its allies (OPEC+) output and tariff tension that threatens the global economic outlook, though worries about Canadian supply helped to limit the decline.
“Alarm over China's stranglehold on critical minerals grew on Tuesday as global automakers complained that restrictions by China on exports of rare earth alloys, mixtures, and magnets could cause production delays and outages,” she said.
She also noted the new Washington administration has given a Wednesday deadline for countries to submit their best offers on trade, coinciding with the implementation of 50 per cent tariffs on imported steel and aluminium.
At 3 pm, the Malaysian Rubber Board reported that the price of Standard Malaysian Rubber 20 (SMR 20) rose by 12.5 sen to 699.0 sen per kilogramme (kg), while latex in bulk was down by 3.0 sen to 609.5 sen per kg.
-- BERNAMA