KUALA LUMPUR — The Malaysian rubber market is expected to remain subdued next week on weak demand as traders will be away for the year-end holidays, dealers said.
A dealer said the commodity price would likely move sideways and would also depend on market supply and the ringgit’s performance.
The movement of rubber futures on the Tokyo Commodity Exchange (TOCOM) would also influence prices on the domestic market next week.
Meanwhile, the International Rubber Consortium (ITRC) said Malaysia, Thailand and Indonesia had committed to withhold exports of 350,000 tonnes of natural rubber (NR) under the implementation of the Agreed Export Tonnage Scheme (AETS) with immediate effect until March 31, 2018.
The three countries pledged to implement and comply with the AETS at the ITRC Senior Officials Meeting in Bangkok on Friday.
The local market will be closed on Monday, Dec 25, for the Christmas holiday.
On a Friday-to-Friday basis, the Malaysian Rubber Board’s noon price for tyre-grade SMR 20 was 15 sen lower at 571.5 sen a kg, while latex-in-bulk fell 13.5 sen to 452.0 sen a kg.
The 5pm unofficial closing price for SMR 20 dropped five sen to 572.5 sen a kg but latex-in-bulk rose 0.5 sen to 449.5 sen a kg.