KUALA LUMPUR, March 10 — The Malaysian rubber market ended lower today, dragged by declining crude oil prices, said a dealer.
Oil prices recorded their biggest weekly loss in five weeks on worries about an anticipated steep interest rate hike in the United States.
The US Federal Reserve meets on March 22 to determine if an interest rate is required amid inflationary pressures.
“A steep interest rate hike is expected to hinder economic growth and hit fuel demand,” she told Bernama.
At press time, global benchmark Brent crude was down by 0.58 per cent to US$81.12 per barrel.
The Malaysian Rubber Board (MRB) price for Standard Malaysian Rubber 20 (SMR 20) dropped 11.5 sen to 592.5 sen a kilogramme (kg), while latex-in-bulk fell three sen to 549 sen a kg.
At 5pm, the MRB closing price for SMR 20 stood at 587 sen a kg, while latex-in-bulk was at 547.5 sen a kg.