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Saturday, January 22, 2022

Bearish trend on rubber mart to continue next week

Bearish trend on rubber mart to continue next weekThe Malaysian rubber market is expected to continue its bearish momentum next week on economic problems in the US, China and Europe, a dealer said.

Meanwhile, China Securities Journal said China had begun to buy natural rubber from major producing areas for its state reserves.

“The government plans to stockpile between 150,000 and 200,000 tonnes of natural rubber by end-2013 and buy 60,000 tonnes before year-end at 24,600 yuan per tonne,” it said.

On a Friday-to-Friday basis, the Malaysian Rubber Board sellers’ official physical price for tyre-grade SMR 20 rose 13 sen to 848 sen per kg, while latex-in-bulk added 5.5 sen to 560.5 sen per kg.

The unofficial sellers’ closing price for tyre-grade SMR 20 increased 9.5 sen to 849.5 sen per kg and latex-in-bulk gained 5.5 sen to 563.5 sen per kg.

BERNAMA

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