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Monday, December 6, 2021

Malaysian rubber prices likely to be volatile next week

KUALA LUMPUR: Malaysian rubber prices are expected to be volatile next week amid weak global economic sentiment, dealers said.

The dealers said the prices would be influenced by the key economic data to be released by China and the US which might give the cue on the demand for the commodity products.

He added that rubber prices would gain some support amid the dry season in major producer countries which would affect rubber production.

The local rubber market would also continue to monitor prices on the Tokyo Commodity Exchange (TOCOM) as its benchmark.

Throughout the week, the rubber prices moved mostly higher in line with the movement on TOCOM and due to the weakening of the yen and ringgit against the US dollar.

On a Friday-to-Friday basis, the Malaysian Rubber Board’s official physical offer price for tyre-grade SMR 20 added 1.4 sen to 892.5 sen per kg while latex-in-bulk rose 5.5 sen to 622.5 sen per kg.

The unofficial closing offer price for tyre-grade SMR 20 advanced 16 sen to 897.5 sen per kg and latex-in-bulk rose 9.5 sen to 625 sen per kg.

Source: BERNAMA

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