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Wednesday, May 18, 2022

Malaysia: Rubber market remains uncertain this week

KUALA LUMPUR: The outlook for the Malaysian rubber market looks uncertain this week given the robust ringgit which has capped the rubber market’s performance, a dealer said.

Meanwhile, the market is surrounded by negative sentiment brought about by a continuing surplus in supply and high stocks.

With the ongoing political commotion in the world’s largest rubber producer Thailand, dealers seem wary of the new government deciding to offload 200,000 tonnes of rubber from its stockpile, resulting in rubber prices nose-diving and hurting the market, a dealer told Bernama.

For the week just ended, rubber prices were traded mostly mixed following the uncertainties in the market. On a Friday-to-Friday basis, the Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 at noon declined eight sen to 537 sen a kg while latex-in-bulk gained 0.5 sen to 463 sen a kg.

The 5 pm closing price for tyre-grade SMR 20 decreased seven sen to 536 sen a kg while latex-in-bulk improved 0.5 sen to 462.5 sen a kg. – Bernama

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