Rubber Market Closes Lower, Tracking Losses In Regional Futures And Crude Oil Prices

By Engku Shariful Azni Engku Ab Latif

KUALA LUMPUR, Dec 11 (Bernama) -- The Kuala Lumpur rubber market closed lower on Thursday, in tandem with losses in crude oil prices and regional rubber futures markets, as ringgit strengthened against the US dollar, a dealer said.

She said market sentiment was pressured as traders digested a dovish outlook from the US Federal Reserve (Fed).

At the time of writing, the Brent crude oil price lost 1.21 per cent to US$61.49 per barrel.

"Nevertheless, further losses were capped after the Fed cut interest rates as expected, as well as on declining local rubber production and China’s firm  economic performance in the third quarter's," she told Bernama today.

At 3 pm, the price of Standard Malaysian Rubber (SMR) 20 was down nine sen to 721.5 sen per kilogramme (kg), while latex-in-bulk eased two sen to 575.5 sen per kg.

-- BERNAMA