Rubber Market Ends Lower On Weak Regional Cues, Oil Price Drop
By K. Naveen Prabu
KUALA LUMPUR, June 24 (Bernama) -- The Malaysian rubber market ended lower today, in tandem with the downtrend in regional rubber futures markets, a dealer said.
He said the market was also dragged down by the fall in crude oil prices.
'Oil prices declined sharply to their lowest in more than a week on Tuesday as United States (US) President Donald Trump said a ceasefire has been agreed between Iran and Israel, alleviating worries of supply disruptions in the Middle East,' he told Bernama.
At the time of writing, Brent crude oil prices declined 2.53 per cent to US$69.67 per barrel.
Nevertheless, he said further losses were capped by concerns over dwindling natural rubber raw material supply due to adverse weather conditions in major producer Thailand.
'Flash floods in Thailand ended a second consecutive decline in Japanese rubber futures on Monday, according to broker Hexun Futures.
'Thailand's meteorological agency has warned of heavy rainfall and accumulation that could lead to flash flooding from June 23-27,' the dealer said.
At 3 pm, the Malaysian Rubber Board (MRB) reported that the price of Standard Malaysian Rubber 20 (SMR 20) dipped by 6.5 sen to 693.50 sen per kilogramme (kg), while latex in bulk declined by 1.5 sen to 587.00 sen per kg.
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