Rubber Market Closes Higher On Supply Concerns, Strong Regional Futures
By Engku Shariful Azni Engku Ab Latif
KUALA LUMPUR, July 22 (Bernama) -- The Malaysian rubber market closed higher on Tuesday, supported by rising regional rubber futures and concerns over a natural rubber supply shortage due to bad weather in key producing countries, a dealer said.
He said market sentiment was also lifted by the encouraging report of China's auto sales amid the lingering optimism surrounding the US-China trade talks. 'Nevertheless, further gains were capped by declining benchmark crude oil prices and a slightly stronger ringgit against the US dollar amid growing caution over US tariff policies and the ongoing geopolitics in the Middle East,' he told Bernama.
At the time of writing, Brent crude oil fell 1.03 per cent to US$68.47 per barrel.
The dealer noted that Japanese rubber futures edged higher on Tuesday, as heavy rains in key producing countries stoked supply concerns, while strong vehicle sales in China also supported the market. 'It was reported that top rubber producer Thailand's meteorological agency warned of heavy rains that may cause flash floods and overflows from July 21-24,' he added.
At 3 pm, the Malaysian Rubber Board (MRB) reported the price of Standard Malaysian Rubber 20 (SMR 20) climbed by 7.5 sen to 743 sen per kilogramme, while latex in bulk was up by 3.5 sen to 573.50 sen per kg.
-- BERNAMA
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
15 minutes ago
- The Star
Myanmar to exhibit about 80 booths at 22nd China-Asean Expo in September
YANGON: Myanmar will exhibit about 80 booths at the 22nd China-Asean Expo, which will be held in Nanning, capital city of South China's Guangxi Zhuang Autonomous Region, from Sept 17 to Sept 21, state-owned daily The Global New Light of Myanmar reported on Sunday (July 27). Myanmar will participate in the expo as the Country of Honor and explore market access for Myanmar's agro-based SMEs' products into the Chinese market, the report said, adding that Myanmar's high-quality gemstones will also be displayed at the expo. The expo provides a platform to promote the Regional Comprehensive Economic Partnership and the Asean-China Free Trade Agreement 3.0, it said. It helps strengthen friendship between the participating countries and generate trade benefits, it added. Myanmar joined in China-Asean Expo in 2005, the report said. - Xinhua
New Straits Times
15 minutes ago
- New Straits Times
US-China set to meet with extension of tariff pause on the cards
STOCKHOLM: Top economic officials from the United States and China are set to renew negotiations Monday, with an extension of lower tariff levels on the cards as President Donald Trump's trade policy enters a critical week. Talks between the world's top two economies are slated to happen over two days in the Swedish capital Stockholm, and they come as other countries are also rushing to finalise deals with Washington. For dozens of trading partners, failing to strike an agreement in the coming days means they could face significant tariff hikes on exports to the United States come Friday, August 1. The steeper rates, threatened against partners like Brazil and India, would raise the duties their products face from a "baseline" of 10 per cent now to levels up to 50 per cent. Tariffs imposed by the Trump administration have already effectively raised duties on US imports to levels not seen since the 1930s, according to data from The Budget Lab research centre at Yale University. For now, all eyes are on discussions between Washington and Beijing as a delegation including US Treasury Secretary Scott Bessent meets a Chinese team led by Vice Premier He Lifeng in Sweden. Beijing said on Monday it hoped the two sides could hold talks in the spirit of "mutual respect and reciprocity." Foreign ministry spokesman Guo Jiakun said Beijing sought to "enhance consensus through dialogue and communication, reduce misunderstandings, strengthen cooperation and promote the stable, healthy and sustainable development of China-US relations." While both countries in April imposed tariffs on each other's products that reached triple-digit levels, US duties this year have temporarily been lowered to 30 per cent and China's countermeasures slashed to 10 per cent. But the 90-day truce, instituted after talks in Geneva in May, is set to expire on August 12. Since the Geneva meeting, the two sides have convened in London to iron out disagreements. "There seems to have been a fairly significant shift in (US) administration thinking on China since particularly the London talks," said Emily Benson, head of strategy at Minerva Technology Futures. "The mood now is much more focused on what's possible to achieve, on warming relations where possible and restraining any factors that could increase tensions," she told AFP. Talks with China have not produced a deal but Benson said both countries have made progress, with certain rare earth and semiconductor flows restarting. "Secretary Bessent has also signalled that he thinks a concrete outcome will be to delay the 90-day tariff pause," she said. "That's also promising, because it indicates that something potentially more substantive is on the horizon." The South China Morning Post, citing sources on both sides, reported Sunday that Washington and Beijing are expected to extend their tariff pause by another 90 days. Trump has announced pacts so far with the European Union, Britain, Vietnam, Japan, Indonesia and the Philippines, although details have been sparse. An extension of the US-China deal to keep tariffs at reduced levels "would show that both sides see value in continuing talks", said Thibault Denamiel, a fellow at the Centre for Strategic and International Studies. US-China Business Council president Sean Stein said the market was not anticipating a detailed readout from Stockholm: "What's more important is the atmosphere coming out." "The business community is optimistic that the two presidents will meet later this year, hopefully in Beijing," he told AFP. "It's clear that on both sides, the final decision-maker is going to be the president." For others, the prospect of higher US tariffs and few details from fresh trade deals mark "a far cry from the ideal scenario", said Denamiel. But they show some progress, particularly with partners Washington has signalled are on its priority list like the EU, Japan, the Philippines and South Korea. The EU unveiled a pact with Washington on Sunday while Seoul is rushing to strike an agreement, after Japan and the Philippines already reached the outlines of deals. Breakthroughs have been patchy since Washington promised a flurry of agreements after unveiling, and then swiftly postponing, tariff hikes targeting dozens of economies in April. Denamiel warned of overlooking countries that fall outside Washington's priority list.
New Straits Times
15 minutes ago
- New Straits Times
CelcomDigi onboards first 100 SMEs, partners to vendor empowerment initiative
KUALA LUMPUR: CelcomDigi Bhd has onboarded nearly 100 Malaysian small and medium enterprises (SMEs) and exclusive sales partners from over 60 companies into the first cohort of its newly-launched Vendor Empowerment and Excellence Programme (VEEP). The first phase of the programme began with a focus on building ESG fundamentals using the Simplified ESG Disclosure Guide (SEDG) for SMEs in supply chains, in collaboration with Capital Markets Malaysia (CMM). The guide provides participating SMEs with practical tools to integrate responsible practices, as well as to measure and disclose their environmental, social and governance (ESG) impact in line with Bursa Malaysia's expectations for ESG-compliant corporate ecosystems. Delivering the closing address on behalf of CelcomDigi chief executive officer Datuk Idham Nawawi, chief corporate affairs officer Joachim Rajaram said the initiative marks a significant milestone in the company's mission to support local businesses. "SMEs form over 97 per cent of Malaysia's business landscape and are projected to deliver 45 per cent of the country's GDP this year, making them a driving force of our economy." "Supporting their growth is a strategic priority for us as part of our ESG commitment to build a sustainable value chain," said Rajaram. "With Malaysian companies making up over 72 per cent of our value chain, we see a clear opportunity to empower Malaysia's business landscape by starting within our own ecosystem," he added. He noted that VEEP is CelcomDigi's long-term commitment to uplift SMEs through structured support and strategic collaboration. "Today's partnership with CMM lays the groundwork for responsible business practices." "We aim to build a comprehensive programme that supports the growth and sustainability of SMEs, not just through ESG adoption but also via cross-sector collaboration to expand access to business opportunities, funding channels and technological advancements," he said. Rajaram also highlighted the broader goals of the programme which is to help SMEs professionalise their operations, strengthen responsible business practices and ultimately, position themselves to compete in both domestic and global markets.
