Rubber Market Close Slightly Lower On Weaker Regional Futures Markets

By Rosemarie Khoo Mohd Sani

KUALA LUMPUR, March 11 (Bernama) -- The Malaysian rubber market eased slightly on Tuesday, tracking downward momentum in the regional rubber futures markets as the global sentiment was ruled by worries over global economic slowdown and rising trade war, said a dealer. 

She told Bernama that the Japanese rubber futures hit a seven-month low on Tuesday, hurt by a stronger yen, while mounting deflationary pressures heightened economic recovery concerns in top consumer China.

Nevertheless, the dealer said further losses were capped by a weaker ringgit against the US dollar and steady benchmark crude oil prices, as concerns of natural rubber supply shortage continued to support the market. 

Market sentiment was also supported by growing hopes for Chinese stimulus measures as traders await for the US economic data for further cues on the US economy. 

The Malaysian Rubber Board reported that Standard Malaysian Rubber (SMR) 20 fell by 1.0 sen to 883.00 sen per kilogramme (kg) as of 3 pm, while latex in bulk slid by 1.5 sen to 702.00 sen per kg.

-- BERNAMA