Rubber Market Ends Mixed Tracking Benchmark Crude Oil Prices

By Fatin Umairah Abdul Hamid

KUALA LUMPUR, June 19 (Bernama) -- The Kuala Lumpur rubber market ended mixed on Wednesday, tracking benchmark crude oil prices and regional rubber futures markets, said a dealer.

He said that crude oil prices turned mixed today as concerns over escalating conflicts in Europe and the Middle East offset demand worries following an unexpected increase in the United States (US) oil inventories.

“Nevertheless, further losses were capped as traders digested improved global natural rubber demand outlook forecast by the Association of Natural Rubber Producing Countries and tight rubber supply concerns as major producer Thailand forecast bad weather conditions in the near term,” he told Bernama. 

He noted that market sentiment was supported by reinforced expectations of the Federal Reserve interest rate cut following soft US economic data.

The Malaysian Rubber Board’s (MRB) price for Standard Malaysian Rubber 20 (SMR 20) fell by three sen to 804 sen per kilogramme (kg), while latex-in-bulk remained unchanged at 792 sen per kg.

At 5 pm, the MRB reference price for physical SMR 20 stood at 802 sen per kg, while latex-in-bulk was at 789.5 sen per kg.

-- BERNAMA