Rubber Futures End Mixed On Weaker Regional Cues, Firmer Ringgit

By Fatin Umairah Abdul Hamid

KUALA LUMPUR, April 8 (Bernama) -- The Kuala Lumpur rubber market ended mixed on Wednesday, weighed by softer regional futures and a firmer ringgit against the US dollar, a dealer said.

Japanese rubber futures declined, tracking a fall in oil prices after a West Asia ceasefire raised hopes of smoother passage through the Strait of Hormuz.

The dealer said sentiment was further pressured by weaker crude prices and concerns over slower global growth linked to the conflict.

“Oil prices plunged nearly 15 per cent on Wednesday after US President Donald Trump agreed to a two-week ceasefire with Iran, easing supply concerns as Washington also pledged to help clear shipping congestion in the Strait of Hormuz.

“However, losses were capped by easing geopolitical tensions, optimism over China’s economic growth and positive developments in US-China trade relations,” he told Bernama.

At the time of writing, Brent crude oil fell 12.75 per cent to US$95.34 per barrel.

At 3 pm, Standard Malaysian Rubber (SMR) 20 declined by 3.5 sen to 837 sen per kilogramme, while bulk latex rose two sen to 748.50 sen per kg.

-- BERNAMA