Rubber Market Falls On Profit-taking, Position Rebalancing

By Nurunnasihah Ahmad Rashid

KUALA LUMPUR, Sept 2 (Bernama) -- The rubber market ended lower today, tracking declining regional rubber futures markets amid profit-taking and position rebalancing, a dealer said.

She told Bernama that market sentiment was dented by renewed concerns that central banks may maintain tighter monetary policy for longer, and a sell-off in global equities following renewed US attacks on Iran.

“The negative sentiment was further dampened by Canada's launch of anti-dumping and anti-subsidy investigations into Chinese truck and bus tyre exports, as well as weaker US economic performance.

“Nevertheless, further losses were capped by higher crude oil prices and a weaker ringgit against the US dollar amid lingering supply concerns due to El-Nino,” she said.

At the time of writing, Brent crude was up 0.16 per cent to US$94.80 a barrel.

At 3 pm, the price of Standard Malaysian Rubber 20 (SMR 20) fell 9.5 sen per kilogramme (kg) to 954.50 sen/kg, while latex in bulk declined 1.0 sen/kg to 687.50 sen/kg.

-- BERNAMA