KUALA LUMPUR, March 19 (Bernama) -- The Malaysian rubber market closed sharply lower with the benchmark Standard Malaysia Rubber 20 (SMR 20) falling to its lowest level since December 2018 at 515.0 sen per kg.
The negative performance tracked broader losses in the global commodity and equity markets due to fears over economic fallout from COVID-19, a dealer said.
“Major global markets fell deep into negative territory as fears over the economic impact of the COVID-19 pandemic continued to weigh on investor sentiment,” he said.
The lowest price for SMR 20 previously was RM506.0 sen per kg on Dec 5, 2018.
At 12 pm, the Malaysian Rubber Board’s (MRB) reference physical price for tyre-grade SMR 20 dropped 40.5 sen to 514.0 sen per kg, while latex-in-bulk fell 18.5 sen to 426.50 sen per kg.
At 5 pm, the MRB’s reference physical price for SMR 20 slumped 19 sen to 515.0 sen per kg and latex-in-bulk shed 12.5 sen to 424.0 sen per kg.
TAGS: Rubber Market, COVID-19, SMR 20, Malaysian Rubber Board