RUBBER MARKET ENDS LOWER

ZUFAZLIN BAHARUDDIN

KUALA LUMPUR, March 4 (Bernama) -- The Malaysian rubber market ended lower today tracking the downtrend in regional rubber futures markets.

A dealer said the firmer ringgit against the US dollar after an emergency interest rate cut by the US Federal Reserve also dampened investors’ confidence in the market.

At press time, the local currency ended at 4.1780/1830 against the greenback from 4.2045/2085 recorded at 6 pm yesterday.

The Federal Open Market Committee yesterday announced it would cut its baseline rate range by 0.5 percentage point to a 1.0 to 1.25 per cent spread in a bid to shield the world's largest economy from the impact of the COVID-19 outbreak.

At 12 pm, the Malaysian Rubber Board’s (MRB) reference physical price for tyre-grade SMR 20 dropped 9.0 sen to 541 sen per kg and latex-in-bulk lost 5.5 sen to 453.50 sen per kg.

At 5 pm, the MRB’s reference physical price for SMR 20 lost one sen to 542.50 sen per kg, while latex-in-bulk slipped two sen to 454 sen per kg.

-- BERNAMA

 

TAGS: rubber, COVID-19, SMR 20, US Federal Reserve, OPR, interest rate