KUALA LUMPUR — The Malaysian rubber market is expected to weaken further this week on lack of fresh catalysts from its regional peers, strengthening of the ringgit and cautious movements of crude oil prices.
A dealer said the commodity prices were expected to be range-bound on the back of the current firmer trend of the ringgit against the US dollar. “Additionally, the local market will likely move in line with the Tokyo Commodity Exchange (TOCOM),” he said.
The benchmark TOCOM rubber futures were easier on Friday, as slumping oil prices outweighed the softer yen and dampened investors sentiment.
On a Friday-to-Friday basis, the Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 rose three sen to 506.50 sen per kg while latex-in-bulk fell 12.5 sen to 436 sen per kg. The 5 pm unofficial closing price for SMR 20 gained 9.5 sen to 508.5 sen per kg while latex-in-bulk was 5.5 sen easier at 435 sen per kg.
Related Post
