Kuala Lumpur Rubber Market Ends Lower In Line With Regional Counterparts

By Durratul Ain Ahmad Fuad

KUALA LUMPUR, Nov 3 (Bernama) -- The Kuala Lumpur rubber market ended lower today, tracking losses in regional rubber futures markets, a dealer said.

He said market sentiment was dampened by escalating geopolitical tensions in West Asia, concerns over United States-China trade relations and uncertainty over the US policy outlook ahead of the midterm elections.

“However, further losses were capped by steady benchmark crude oil prices and a slightly weaker ringgit against the US dollar.

“Sentiment also received support from resilient global and US manufacturing activity, as well as concerns over a potentially strong El Niño that raised the prospect of weather-related supply disruptions,” he told Bernama. 

According to the dealer, the US reportedly launched another limited strike on Iran's Qeshm Island, raising concerns over escalating West Asia tensions despite renewed hopes for a peace deal and causing oil prices to edge higher.

He also noted that major automakers urged US lawmakers to impose a permanent ban on Chinese vehicle imports, citing national security concerns and competition with domestic manufacturers.

At 3 pm, the price of Standard Malaysian Rubber 20 (SMR 20) fell by 9.5 sen to 994.5 sen per kilogramme (kg), while latex in bulk was down by three sen to 783.5 sen per kg.

-- BERNAMA