KUALA LUMPUR — The Malaysian rubber market is likely to extend its downtrend pattern next week with the movement of crude oil prices weighing on demand for natural rubber.
A dealer said negative sentiment following a sluggish report on slowing US economic growth in the third quarter as businesses cut back on restocking would partly aid next week’s performance.
However, the movement of the ringgit would continue to support the rubber market as it could influence demand if the currency were to depreciate.
On a weekly basis, the local market was traded lower throughout the week with the Malaysian Rubber Board’s noon price for tyre-grade SMR 20 eased five sen to 522 sen a kg while latex-in-bulk fell 12 sen to 387 sen a kg.
The 5pm unofficial closing price for SMR 20 slipped two sen to 522 sen a kg while latex-in-bulk trimmed 12 sen to end the week at 386 sen a kg.
