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Wednesday, October 27, 2021

Malaysia: Rubber to trade within tight range next week

KUALA LUMPUR: Malaysian rubber prices are likely to trade within a tight range of between RM5.50 and RM5.70 a kg next week, in anticipation of the absence in demand from China, a dealer said.

China, the largest natural rubber consumer, was expected to see low demand amid unstable financial facilities in the country as the banks tightened their lending, he said.

“Although the local market is currently facing a tight supply, weak demand overweighed the prices,” the dealer told Bernama.

She also said movements in rubber prices on the Tokyo Commodity Exchange (TOCOM), Singapore Commodity Exchange and Shanghai Future Exchange would continue to influence the local rubber market as these markets were the biggest players in the rubber industry.

For the week just-ended, rubber prices were traded higher, mostly influenced by the movement of the ringgit and the performance on TOCOM.

On a Friday-to-Friday basis, the Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 at noon rose 15.5 sen to 567 sen a kg while latex-in-bulk added 4.5 sen to 469 sen a kg.

The 5pm closing price for tyre-grade SMR 20 increased 8.5 sen to 564 sen a kg while latex-in-bulk gained 4.5 sen to 469.5 sen a kg.– Bernama

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