Rubber Market Ends Mixed On Improving Demand Prospects

By Fatin Umairah Abdul Hamid

KUALA LUMPUR, Aug 5 (Bernama) -- The Kuala Lumpur rubber market ended mixed on Wednesday, supported by improving vehicle demand prospects, positive developments in the electric vehicle (EV) sector and relatively stable economic conditions in the United States (US), said a dealer.

The dealer said the positive developments and stable economic conditions continued to support expectations of resilient automotive and industrial activity.

Tesla's China-made EV sales increased 37.8 per cent year-on-year in July to 93,579 units, marking the ninth consecutive month of growth and supporting a positive outlook for automotive demand.

The dealer said the resilient US labour market remained supportive despite job openings falling to 7.35 million in June, as improved hiring and low layoffs indicated that economic activity remained relatively stable.

“Nevertheless, gains were capped by higher seasonal production in major rubber-producing countries in Southeast Asia, while rising rubber inventories at Chinese ports continued to pressure natural rubber prices amid low crude oil prices,” she told Bernama.

At 3 pm, the price of Standard Malaysian Rubber 20 (SMR 20) rose by one sen to 897 sen per kilogramme (kg), while latex in bulk declined by 3.50 sen to 691 sen per kg.

-- BERNAMA