By K. Naveen Prabu
KUALA LUMPUR, April 30 (Bernama) -- The rubber market closed lower today due to weaker regional rubber futures, said a trader.
She said market sentiment was also dampened by the United States Federal Reserve’s (Fed) hawkish policy outlook.
“The Fed adopted a cautious stance as it held rates steady, with Chair Jerome Powell warning that inflation risks remain elevated amid rising energy prices and as three policymakers dissented against its easing bias,” the trader told Bernama.
She said further losses were capped by firmer crude oil prices.
“Oil prices rose on Thursday on a report that the US is considering potential military action against Iran to break the deadlock in negotiations to end the war, increasing concerns of more supply disruptions to already curtailed West Asia exports,” said the trader.
At the time of writing, Brent crude increased 2.75 per cent to US$121.3 a barrel.
At 3 pm, the Standard Malaysian Rubber (SMR) 20 price decreased 0.5 sen to 859 sen per kilogramme (kg) while latex-in-bulk fell by three sen to 751 sen per kg.
-- BERNAMA
