Rubber Market Closes Mixed On Weaker Regional Futures, Lower Oil Prices
By Fatin Umairah Abdul Hamid
KUALA LUMPUR, June 18 (Bernama) -- The Kuala Lumpur rubber market closed mixed on Thursday, tracking losses in regional rubber futures markets and lower benchmark crude oil prices.
A dealer said Japanese rubber futures declined for a second consecutive session after the United States and Iran reached an interim peace agreement, triggering a sharp fall in oil prices.
At the time of writing, Brent crude oil fell 2.15 per cent to US$77.84 per barrel.
“However, further losses were limited by optimism surrounding the US-Iran peace deal and expectations of continued policy support for China's economy,” he told Bernama.
The dealer said market sentiment was further weighed by mixed US economic data and a cautious outlook from the US Federal Reserve after policymakers kept interest rates unchanged amid persistent inflation concerns.
At 3 pm today, the price of SMR 20 dropped 12 sen to 935.50 sen/kg, while latex-in-bulk remained unchanged at 792 sen/kg.
-- BERNAMA