YES

(VAR x y z)
(RULES
  multiply(multiply(x,y),z) -> multiply(x,multiply(y,z))
)

(COMMENT
Termination is shown by EKBO with interpretations on natural numbers

  multiply_A(x1,x2) = x1 + 1
  multiply#_A(x1,x2) = 0

weights

  w0 = 1
  w(multiply) = 0

and precedence:

multiply
)