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Friday, January 28, 2022

Malaysia: Rubber On Downtrend Over Weak Buying Appetite

KUALA LUMPUR — The Malaysian rubber prices are expected to remain lower next week on weak buying appetite due to the stronger ringgit and concern over tepid demand from top buyer, China, dealers said.

A dealer said slack economic data from China dampened market sentiment. He also said the Tokyo Commodity Exchange (TOCOM), which set the tone for the local tyre rubber prices, was expected to ease again next week. TOCOM lost 6.3 per cent this week, declining for the seventh week in a row, its longest losing streak since February 2014.

Back home, the rubber market would continue to be weak due to the strengthening of the ringgit against the US dollar, the dealer said.

“Prices are expected to trend lower and move within a tight range next week,” he said.

For the week just-ended, the local rubber market was on a downtrend, tracking the bearish performance of the rubber futures prices on TOCOM.

On a Friday-to-Friday basis, the Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 fell 32.5 sen to 489.50 sen per kg while latex-in-bulk was down 34.5 sen at 418.50 sen per kg.

The 5pm unofficial closing price for SMR 20 decreased 30 sen to 492.50 sen per kg while latex-in-bulk declined 28.5 sen to 423.50 sen per kg.

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