The Malaysian rubber market closed lower under pressure, dragged down by weakness in regional futures.
- The Malaysian rubber market closed lower on Monday, mainly dragged down by the decline in regional rubber futures. Traders pointed out that Japanese rubber futures retreated as production increased after the wintering period in major rubber-producing countries such as Thailand, Indonesia, and Vietnam.
- Market sentiment was also affected by the fragile temporary peace agreement in West Asia and weak global automobile demand. On Monday, Toyota Motor said that global automobile sales fell for the fourth consecutive month in May, down by 7.2%, with a decline in Middle Eastern sales weighing on its overall performance.
- However, traders believe that rising crude oil prices provided a bottom support for rubber prices. Brent crude rose 0.90% to 72.61 US dollars per barrel, while the price of Malaysian Standard Rubber (SMR) fell by 21.5 sen to 859 sen per kilogram, and bulk latex fell by 10 sen to 759.50 sen per kilogram.
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