Rubber Market Closes Lower Amid Weaker Crude Oil Prices

By Engku Shariful Azni Engku Ab Latif

KUALA LUMPUR, March 19 (Bernama) -- The Malaysian rubber market closed slightly lower on Wednesday due to losses in crude oil prices and a stronger ringgit against the US dollar, a dealer said.

As at the time of writing, benchmark Brent crude oil price was 0.72 per cent lower at US$69.98 per barrel.

The dealer said market sentiment also remained cautious over US interest rate decisions amid worries over the Middle East instability.

“US Federal Reserve (Fed) policymakers are widely expected to keep rates on hold and will also release new economic projections at the conclusion of the meeting later in the day.

“Nevertheless, further losses were capped by low rubber supply amid mixed regional rubber futures markets,” she told Bernama.

As of 3 pm, the Malaysian Rubber Board reported that the Standard Malaysian Rubber (SMR) 20 inched down by a sen to 870.5 sen per kilogramme (kg) while latex in bulk slid by 1.5 sen to 691.5 sen per kg.

-- BERNAMA