Rubber Market Ends Lower On Weaker Regional Futures

By Nur Athirah Mohd Shaharuddin

KUALA LUMPUR, Oct 29 (Bernama) -- The Kuala Lumpur rubber market ended lower on Thursday, tracking losses in regional rubber futures and a decline in benchmark crude oil prices, a dealer said.

He said sentiment was further dampened by the United States (US) Federal Reserve's decision to keep interest rates unchanged and a seasonal increase in rubber supply from Thailand.

“Oil prices fell as hopes for peace talks eased concerns over supply disruptions in West Asia, despite escalating regional conflict.

“Japanese rubber futures declined as lower oil prices weakened cost support, while a seasonal increase in raw material supply from Thailand added further downward pressure,” he told Bernama.

However, the dealer said hopes for peace talks in West Asia, a positive outlook for US economic growth and the World Bank's forecast of higher global commodity prices helped limit further losses.

At 3 pm, the price of Standard Malaysian Rubber 20 (SMR 20) fell by 31.50 sen to 998.50 sen per kilogramme (kg), while latex in bulk declined by 10 sen to 694.50 sen per kg.

-- BERNAMA