KUALA LUMPUR, March 23 (Bernama) -- The Malaysian rubber market started the week sharply lower with the price of the benchmark Standard Malaysia Rubber 20 (SMR 20) falling to the lowest level since Nov 21, 2018 at 490 sen per kg.
The lower price was due to the poor performance of regional rubber futures markets following the decline in crude oil prices, which currently trading at US$28.29 per barrel.
Compared to Friday's closing, the price of SMR 20 dropped by 25 sen while bulk latex fell three sen to 421.5 sen per kg.
“Fears over the economic impact of the COVID-19 pandemic continue to weigh heavily on investors sentiment,” a dealer told Bernama.
The benchmark, Tokyo Commodity Exchange (TOCOM) rubber contract for August 2020 fell to a near 43-month low today due to demand concerns as the COVID-19 outbreak caused shutdowns across the world.
Rubber market, SMR 20, COVID-19, oil price, TOCOM