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Monday, July 4, 2022

Malaysia: Rubber mart likely to remain under pressure next week

KUALA LUMPUR: The Malaysian rubber market is likely to continue its downtrend next week following the recent decline in crude oil prices and weak regional markets.

A dealer said the movement of the ringgit against the US dollar would also influence the trading of rubber next week.

“The plunge in rubber futures on the Tokyo Commodity Exchange and weak demand from China put pressure on demand.

“This sentiment is likely to continue next week,” he told Bernama.

On a Friday-to-Friday basis, the Malaysian Rubber Board’s sellers’ official physical price for tyre-grade SMR 20 rose six sen to 461 sen per kg while latex-in-bulk slipped three sen to 369 sen per kg.

The unofficial sellers’ closing price for tyre-grade SMR 20 gained three sen to 457.5 sen per kg and latex-in-bulk shed 2.5 sen to 368.5 sen per kg.– Bernama

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