Kuala Lumpur Rubber Market Closes Lower In Tandem With Regional Peers

By Nur Athirah Mohd Shaharuddin

KUALA LUMPUR, Nov 28 (Bernama) -- The Kuala Lumpur rubber market closed lower today, mirroring the weakness in regional rubber futures markets, a dealer said.

He said market sentiment remained fragile, pressured by persistent concerns over China's slowing economic momentum.

“Nevertheless, losses were partially mitigated by a major supply shock caused by severe floods in southern Thailand and firmer crude oil prices,” he told Bernama.

The dealer said severe flooding in Thailand's southern region is poised to drastically reduce the supply from the world's largest natural rubber producer, potentially wiping out 90,000 metric tonnes of production.

At 3 pm, the Malaysian Rubber Board said that the price of Standard Malaysian Rubber (SMR) 20 dipped 7.5 sen to 726 sen per kilogramme while latex-in-bulk fell by 0.5 sen to 578 sen per kilogramme.

-- BERNAMA