By Durratul Ain Ahmad Fuad
KUALA LUMPUR, Oct 8 (Bernama) — The Kuala Lumpur rubber market ended mixed today, influenced by the downward momentum in the regional rubber futures markets and declining benchmark crude oil prices, a dealer said.
He said market sentiment was also dented by concerns about the delayed implementation of the European Union Deforestation Regulation (EUDR) and the escalating Middle East conflict.
“Nevertheless, further losses were capped by concerns for tight natural rubber (NR) supply in producing countries due to wet weather forecasts,” he told Bernama.
The dealer said Japanese rubber futures declined on Tuesday, weighed down by concerns of delayed implementation of a key European Union deforestation law, although top consumer China’s outsized stimulus package lent support.
“Oil prices declined on Tuesday, retreating after persistent concerns over a worsening conflict in the Middle East drove strong gains through the past week,” he added.
Meanwhile, he said it was reported that the European Commission would propose delaying the implementation of a law banning the import of commodities linked to deforestation by a year on Oct 2 last week, following calls from industries and governments worldwide.
The Malaysian Rubber Board (MRB) reported that the price of Standard Malaysian Rubber 20 (SMR 20) fell by 4.0 sen to 895.5 sen per kilogramme (kg) while latex-in-bulk went up 0.50 sen to 747.5 sen per kg, respectively.
At 5 pm, SMR 20 stood at 886 sen per kg, while latex-in-bulk reached 749.5 sen per kg.
— BERNAMA
