Malaysian Rubber Market Ends Lower In Line With Regional Peers

By K. Naveen Prabu

KUALA LUMPUR, July 14 (Bernama) -- The Malaysian rubber market finished lower today in tandem with losses in regional rubber futures markets, a dealer said.

Japanese rubber futures fell as sluggish tyre demand dampened investor sentiment and weighed on related raw materials, she told Bernama.

The dealer noted that United States (US) President Donald Trump’s announcement of further tariffs over the weekend also depressed market sentiment.

“Trump on Saturday threatened to impose a 30 per cent tariff on imports from Mexico and the European Union (EU) starting Aug 1, after weeks of negotiations with major US trading partners failed to produce a comprehensive trade deal,” she said.

Nevertheless, she said further losses were capped by gains in crude oil prices.

“Oil prices edged higher on Monday, extending Friday’s gains of more than two per cent, as investors monitored the potential impact of further US sanctions on Russia that could affect global supplies,” the dealer said.

At 3 pm, the Malaysian Rubber Board reported that the price of Standard Malaysian Rubber 20 (SMR 20) declined by eight sen to 718 sen per kilogramme (kg) while latex in bulk eased by 2.5 sen to 564 sen per kg.

-- BERNAMA