The Malaysian rubber market is expected to continue its bearish momentum into next week, on concerns ahead of the leadership transition in top rubber consumer China, dealers said.
A dealer said the United States fiscal worries had also raised demand concerns and some investors are still waiting for newly re-elected President Barack Obama to make an announcement on the state of the country’s economy.
“Sentiment will also remain fragile amid volatility on global equities markets, while a slew of economic data from China is being carefully awaited,” the dealer added.
On a Friday-to-Friday basis, the Malaysian Rubber Board sellers’ official physical price for tyre-grade SMR 20 fell 16.5 sen to 844 sen per kg, while latex-in-bulk eased 3.5 sen to 554 sen per kg.
The unofficial sellers’ closing price for tyre-grade SMR 20 fell 17 sen to 843 sen per kg and latex-in-bulk dropped 19.5 sen to 555.5 sen per kg.
Source: Bernama
