KUALA LUMPUR, Sept 23 (Bernama) — The Kuala Lumpur rubber market closed lower today, tracking declines in regional rubber futures markets, amid concerns over a slowing Chinese economy and rising tensions in the Middle East.
A dealer said market participants also reacted to China’s latest natural rubber (NR) import data.
He said China reportedly imported 459,700 tonnes of NR in August 2024, down from 504,700 tonnes in the same month last year.
Total imports for the January-August 2024 period stood at 3.245 million tonnes, a decrease of 20.4 per cent from the same period in 2023.
However, losses were limited by softer crude oil prices and fresh Chinese stimulus measures to support its economy.
The People’s Bank of China (PBOC) was reported to have injected 234.6 billion yuan (US$33.29 billion) into the banking system through open market operations, signalling further monetary easing.
The Malaysian Rubber Board’s (MRB) price for Standard Malaysian Rubber 20 (SMR 20) fell by 13.5 sen to 821.5 sen per kilogramme (kg), while latex-in-bulk declined by 1.5 sen to 686.5 sen per kg.
At 5 pm, SMR 20 stood at 815 sen per kg, and latex-in-bulk was priced at 689.5 sen per kg.
— BERNAMA
