By Nur Athirah Mohd Shaharuddin
KUALA LUMPUR, Oct 29 (Bernama) -- The Malaysian rubber market closed mixed today amid optimism over potential Chinese stimulus, a dealer said.
He said market sentiment was also influenced by expectations of a United States (US) Federal Reserve rate cut.
“Further gains were limited by a stronger ringgit against the US dollar, amid weaker US data and concerns over upcoming Chinese economic indicators,” he told Bernama.
The dealer noted that oil prices rose slightly in Asian trade on Wednesday as renewed geopolitical tensions in the Middle East threatened ceasefire efforts, while traders remained cautious ahead of the Federal Reserve’s policy meeting outcome.
He added that the Federal Reserve is expected to cut rates by 0.25 per cent on Wednesday as policymakers navigate limited data and lingering concerns over the US job market.
At 5.15 pm, the local currency strengthened to 4.1920/1955 versus the greenback from Tuesday’s close of 4.1935/1985.
At 3 pm, the Malaysian Rubber Board reported that the price of Standard Malaysian Rubber 20 (SMR 20) rose by 0.5 sen to 748.00 per kilogramme (kg), while latex-in-bulk eased by two sen to 565.50 per kg.
-- BERNAMA
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