LOCAL RUBBER MARKET ENDS LOWER IN LINE WITH REGIONAL PEERS

By Engku Shariful Azni Engku Ab Latif

KUALA LUMPUR, April 7 (Bernama) -- The Malaysian rubber market closed lower on Monday, dragged down by the losses in the regional rubber markets and decline in benchmark crude oil prices, a dealer said.

At the time of writing, the Brent crude oil price dropped 3.4 per cent to US$63.27 per barrel.

He said market sentiment was dented by the escalating global trade war triggered by higher US tariffs, sparking fears of a global recession.

“Nevertheless, further losses were capped by the ongoing wintering season, causing natural rubber (NR) supply disruption in major NR producing countries, and a weaker ringgit against the US dollar amid hopes for China’s stimulus measures,” he told Bernama.

Meanwhile, the dealer said, Japanese rubber futures plummeted on Monday as fresh US tariffs kicked in, stoking fears of a widening trade war and denting global demand prospects.

Quoting a report, he said global rubber futures ended last week sharply lower, driven by escalating fears of a global recession following US President Donald Trump's sweeping tariff hike.

At 3pm, the Malaysian Rubber Board reported that the Standard Malaysia Rubber (SMR) 20 price fell by 43 sen to 793.5 sen per kilogramme, while latex in bulk was down by 4.5 sen to 663.5 sen per kilogramme.

-- BERNAMA