Rubber Market Closes Mixed Amid Crude Oil Decline

By K. Naveen Prabu

KUALA LUMPUR, Nov 4 (Bernama) -- The Malaysian rubber market ended mixed today amid declining benchmark crude oil prices, a dealer said.

He said oil prices retreated as investors viewed the Organisation of the Petroleum Exporting Countries and its allies’ (OPEC+) decision to pause output hikes in the first quarter as a sign of potential oversupply in the market.

At the time of writing, Brent crude was down by 1.23 per cent to US$64.09 per barrel.

The dealer added that market sentiment was also dampened by weak global industrial data and softer-than-expected United States (US) economic indicators.

“US manufacturing contracted for the eighth consecutive month in October, with the ISM Manufacturing Purchasing Managers' Index easing to 48.7 from 49.1, as weak orders and tariff-related delays continued to weigh on activity,” he said.

Nevertheless, further losses were capped by improved sentiment following optimism over the US-China trade truce.

At 3 pm, the Malaysian Rubber Board (MRB) reported that the price of Standard Malaysian Rubber 20 (SMR 20) fell by 12.5 sen to 719.50 sen per kilogramme (kg), while latex-in-bulk edged up by 0.5 sen to 566.50 sen per kg.

-- BERNAMA