KUALA LUMPUR, Feb 5 (Bernama) -- The Kuala Lumpur rubber market closed lower on Wednesday, pressured by declining regional rubber futures due to escalating US-China trade tensions, said a dealer.
Additionally, she noted that weaker oil prices also affected market sentiment.
“However, further losses were capped by optimism for more Chinese stimulus and natural rubber supply concerns due to weather uncertainties in Thailand,” the dealer said.
The Thailand Meteorological Agency reported that the Northeast Monsoon is expected to strengthen, bringing isolated thunderstorms to the southern region.
Oil prices continued to decrease due to rising US stockpiles and concerns about a potential new trade war between China and the US, overshadowing President Donald Trump’s renewed efforts to halt Iranian crude exports.
The Malaysian Rubber Board (MRB) reported that at 3 pm, the price of Standard Malaysian Rubber 20 (SMR 20) slipped by 14 sen to 871.50 sen per kilogramme (kg), while latex in bulk decreased by 3.0 sen to 685.50 sen per kg.
-- BERNAMA
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