KUALA LUMPUR (Sept 19): The Malaysian rubber market closed lower on Monday (Sept 19), tracking weaker advice from regional rubber futures markets as global sentiment was dampened by fears of global recession, a dealer said.

Nevertheless, he said further losses were capped by gains in benchmark crude oil prices and weaker ringgit against the US dollar amid more monetary easing by China.

“Market operators are also keeping a close watch on several central bank meetings this week, including a US Federal Reserve (Fed) rate decision on Wednesday,” the dealer said.

The Fed monetary policy meeting would be having a meeting later this week, where the Federal Open Market Committee is expected to continue its rate hike momentum.

The Japanese rubber futures were closed on Monday in conjunction with Respect for the Aged Day.

The Malaysian Rubber Board’s (MRB) price for Standard Malaysian Rubber 20 (SMR 20) lost two sen to 603.5 sen per kg while latex-in-bulk slipped 1.5 sen to 483 sen per kg.

At 5pm, MRB’s closing price for SMR 20 stood at 598 sen a kg while latex-in-bulk was at 480 sen a kg.

The market was closed on Friday for the Malaysia Day holiday.