By Zufazlin Baharuddin
KUALA LUMPUR, Oct 16 (Bernama) — The Kuala Lumpur rubber market closed mixed amid weaker advice from the regional rubber futures markets.
A dealer told Bernama the market sentiment was dampened by concerns over China’s economic recovery as optimism from its stimulus measures faded coupled with the ringgit’s strengthening against the US dollar.
According to a Reuters poll, China’s economy is projected to grow by 4.8 per cent in 2024, falling short of the government’s target, with growth potentially slowing further to 4.5 per cent in 2025.
This keeps pressure on policymakers to consider additional stimulus measures.
Nevertheless, the dealer said further losses were capped as oil prices steadied after overnight losses amid weak global natural rubber supply and expectations of further US interest rate cuts.
The Malaysian Rubber Board reported that the price of Standard Malaysian Rubber 20 (SMR 20) was down by eight sen to 869 sen per kilogramme (kg) while latex-in-bulk rose half-a-sen to 756.5 sen per kg.
At 5 pm, SMR 20 stood at 857.5 sen per kg while latex-in-bulk was at 756 sen per kg.
— BERNAMA
