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KUALA LUMPUR, Dec 8 (Bernama) — The Malaysian rubber market is likely to remain weak next week on continued concerns over the uncertainty in Europe and ahead of the release of US job data.
Investors, who were earlier optimistic over the demand from China, may liquidate contracts to avoid risks if the data was not market friendly, said rubber dealers.
“Most market players were also expected to remain sidelined,” said one dealer in the absence of fresh market moving news,” a dealer told Bernama.
The European Central Bank has painted a bleak outlook for the Euro zone and was discussing cutting interest rates at its next policy meeting.
The dealer also said market sentiment would remain fragile amid volatility in global equities markets.
On a Friday-to-Friday basis, the Malaysian Rubber Board sellers’ official physical price for tyre-grade SMR 20 added 13 sen to 860 sen per kg while latex-in-bulk surged 15.5 sen to 579.5 sen per kg.
The unofficial sellers’ closing price for tyre-grade SMR 20 improved seven sen to 858.5 sen per kg and latex-in-bulk rose 11.5 sen to 578 sen per kg.
— BERNAMA
