KUALA LUMPUR, Jan 22 (Bernama) -- The Malaysian rubber market extended yesterday’s losses to end lower today in tandem with weaker regional rubber futures markets and declining oil prices, said a dealer.
He said the market sentiment also had turned negative as investors became cautious following news of the spread of coronavirus from China and its potential impact on the global economy.
It was reported that oil prices eased on Wednesday, extending the decline from the previous session as the International Energy Agency forecast a market surplus of a million barrels per day in the first half of this year, offsetting concerns about military disruptions that have cut Libya’s crude output.
At 12 pm, the Malaysian Rubber Board’s (MRB) reference physical price for tyre-grade SMR 20 was 8.5 sen lower at 587.5 sen per kg while latex-in-bulk fell three sen to 462.0 sen per kg.
At 5 pm, the MRB’s reference physical price for SMR 20 decreased two sen to 591 sen per kg and latex-in-bulk eased 0.5 sen to 463.5 sen per kg.
Rubber, Futures, SMR 20, MRB, Coronavirus, Oil, IEA