Rubber Market Closes Lower On Profit-taking
By Nur Athirah Mohd Shaharuddin
KUALA LUMPUR, July 28 (Bernama) -- The Malaysian rubber market closed lower on Monday, in tandem with regional rubber futures markets, amid profit-taking that triggered a short-term pullback, a dealer said.
The dealer said that market sentiment was further dampened by weaker economic data from China.
'Nevertheless, further losses were capped by gains in crude oil prices and a shortage of natural rubber due to persistent rain in major producing countries,' she told Bernama.
At 4.47 pm, Brent crude oil gained by 0.48 per cent to US$68.75 per barrel.
The dealer also noted that market players were cautious ahead of the Federal Reserve meeting and the outcome of the renewed United States (US)-China trade negotiations.
'The US and China are expected to extend their tariff truce by an additional 90 days during trade talks starting Monday in Stockholm.
'Meanwhile, the temporary suspension of most tariffs, agreed in May, is due to expire on Aug 15, 2025,' she added.
Additionally, the dealer noted that the US has paused restrictions on technology exports to China in an effort to advance trade agreements with the country.
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