RUBBER MARKET ENDS MIXED

By Muhammad Fawwaz Thaqif Nor Afandi and Durratul Ain Ahmad Fuad

KUALA LUMPUR, Jan 9 (Bernama) -- The Kuala Lumpur rubber market ended mixed today, tracking movements in the regional rubber futures market, a dealer said.

She said market sentiment was influenced by the ongoing geopolitical crisis and uncertainty surrounding US monetary policy.

“However, sentiment was supported by a weaker ringgit against the US dollar, recovering crude oil prices, and concerns over tightening raw material supplies in major natural rubber-producing countries due to persistent wet weather,” she told Bernama. 

According to the dealer, Japanese rubber futures fell for a second straight session today, pressured by rising tyre stockpiles in top consumer China and slowing tyre production.

Oil prices, meanwhile, rose for a second day today, set for their third weekly gain, on uncertainty about the future of supply from Venezuela and as Iranian unrest increases concerns about output there, the dealer said.

At 4.58 pm, the ringgit weakened to 4.0705/0770 against the greenback from yesterday’s close of 4.0580/0650.

At 3 pm, Standard Malaysian Rubber (SMR) 20 increased by two sen per kilogramme (kg) to 760.5 sen per kg, while latex in bulk was unchanged at 575 sen per kg.

-- BERNAMA