Rubber Market Ends Lower Tracking Weaker Regional Rubber Futures, Stronger Ringgit

By Durratul Ain Ahmad Fuad

KUALA LUMPUR, Nov 4 (Bernama) -- The Kuala Lumpur rubber market closed lower today, tracking losses in regional rubber futures markets and pressured by a slightly stronger ringgit against the US dollar, a dealer said. 

According to the dealer, Japanese rubber futures fell for a fourth consecutive session amid uncertainty over El Niño-related supply disruptions.

He said market sentiment was further dampened by uncertainty surrounding geopolitical developments in West Asia and the prospects for a peace deal, as well as concerns over the implications of the United States midterm elections and softer Chinese economic data.

“Doubts over whether El Niño would cause significant production cuts in key growing regions also weighed on sentiment,” he told Bernama. 

Nonetheless, he said the decline was partly cushioned by the global natural rubber supply deficit reported by the International Rubber Study Group (IRSG) and firm benchmark crude oil prices.

At 3 pm, the price of Standard Malaysian Rubber 20 (SMR 20) slipped by 23.50 sen to 971 sen per kilogramme (kg), while latex in bulk was down by five sen to 778.5 sen per kg.

-- BERNAMA