Regional Rubber Futures Losses Weigh On Kuala Lumpur Rubber Market

By Nur Athirah Mohd Shaharuddin

KUALA LUMPUR, July 1 (Bernama) -- The Kuala Lumpur rubber market ended lower on Wednesday, tracking losses in regional rubber futures markets, a dealer said.

He said expectations of higher natural rubber supply from major Southeast Asian producing countries following the wintering season also weighed on market sentiment, coupled with renewed uncertainty surrounding the United States-Iran peace talks.

“It was reported that major Southeast Asian producers, including Thailand, Indonesia and Vietnam, continued to increase rubber production following the wintering season.

“Global market sentiment remained cautious amid renewed uncertainty surrounding US-Iran peace talks and the West Asia geopolitical situation,” he told Bernama.

Nevertheless, the dealer noted that further losses were capped by resilient Chinese manufacturing activity and continued rubber demand from its tyre manufacturing sector as buyers continued purchasing rubber to produce tyres for export amid a gradual global economic recovery, he said.

At 3 pm today, the price of Standard Malaysian Rubber decreased by two sen to 866 sen per kilogramme (kg), while latex-in-bulk fell by five sen to 750 sen per kg.