Rubber market ends lower following oil price drop
KUALA LUMPUR: The Malaysian rubber market ended lower today in tandem with the downtrend in the regional rubber futures markets, a dealer said.
She said the market was also dragged down by the fall in crude oil prices.
'Oil prices fell sharply in Asian trade on Friday, giving back some recent gains after the White House signalled that US President Donald Trump would only decide on entering the Iran-Israel war in two weeks,' she told Bernama.
At the time of writing, Brent crude oil prices decreased 1.90 per cent to US$77.35 per barrel.
Nevertheless, she said, further losses in rubber futures were capped by optimism about more Chinese stimulus and concerns over natural rubber supply due to weather uncertainties in Thailand.
At 3 pm, the Malaysian Rubber Board reported that the price of Standard Malaysian Rubber 20 (SMR 20) declined by 6.5 sen to 703.5 sen per kilogramme (kg), while latex in bulk slipped by 0.5 sen to 589.0 sen per kg.
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