Rubber Market Ends Lower On Mixed Regional Cues, Stronger Ringgit

 

By K. Naveen Prabu

KUALA LUMPUR, June 25 (Bernama) -- The Malaysian rubber market ended lower today, amid mixed cues from regional rubber futures markets, a dealer said.

She said the market was also dragged down by a stronger ringgit against the US dollar in light of weaker US economic data.

“The Commerce Department's Bureau of Economic Analysis reported that the US current account deficit widened to a record high to US$138.2 billion in the first quarter as businesses front-loaded imports to avoid President Donald Trump's hefty tariffs on imported goods,” she told Bernama. 

She added that US consumer confidence unexpectedly declined in June, as households grew increasingly concerned about job availability, indicating that labour market conditions are softening amid growing economic uncertainty.

Nevertheless, she said further losses were capped by recovery in crude oil prices. 

“Oil prices rose in Asian trade on Wednesday after falling sharply over the past two days, as US crude stockpiles declined and traders focused on whether a US-brokered ceasefire between Israel and Iran would hold,” she said. 

At 3 pm, the Malaysian Rubber Board (MRB) reported that the price of Standard Malaysian Rubber 20 (SMR 20) dipped by 1.5 sen to 692.50 sen per kilogramme (kg), while latex in bulk declined by 0.5 sen to 586.50 sen per kg.

-- BERNAMA