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Wednesday, May 18, 2022

Malaysia: Rubber Mart Likely To Be Well Supported this week

KUALA LUMPUR — The Malaysian rubber market is expected to be well supported next week, driven by a weaker ringgit factor and renewed demand for the commodity, a dealer said. “Rubber prices will also be propped up by the weaker ringgit, making the commodity attractive to international buyers holding other currencies. Thus, any downside in prices will be limited,” he told Bernama. He said demand from China, being the largest consumer of natural rubber in the world, is expected to return and influence the overall buying sentiment. “Sentiment in the local rubber market is also likely to be shaped by ongoing talks by stakeholders on propping up prices and ensuring long-term price stability,” he added. The dealer said regional futures markets, namely the Tokyo Commodity Exchange and Shanghai Futures Exchange, would continuously influence trading on the local rubber mart which was mixed amid a quiet mood for the week just ended.

Trading was limited with many investors still away on an extended Hari Raya holiday break. On a weekly basis, the local mart traded mixed with the Malaysian Rubber Board’s noon price for tyre-grade SMR 20 easing eight sen to 535 sen a kg, while latexin-bulk advanced 6.5 sen to 442 sen a kg.

The 5 pm unofficial closing price for SMR 20 declined 9.5 sen to 528.50 sen a kg, while latex-in-bulk gained eight sen to 441 sen a kg.

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