KUALA LUMPUR: The Malaysian rubber market is likely to trade mixed next week, tracking the movement on the Tokyo Commodity Exchange on weak demand, a dealer said.
She said the market would also continue to perform weaker as it would be dependent on the price of crude oil prices which was expected to be on a downtrend.
“The downtrend in crude oil prices coupled with the sale of rubber from Thailand’s stockpile will also be seen as pressuring the prices next week,” she added.
The Thai military government sold half of the country’s 200,000 tonnes rubber stockpile to a leading exporter and targeted to sell the remaining by end-September.
“This situation has affected the global rubber market where demand is already slow-moving,” she told Bernama.
The market was closed on Monday for the country’s Independence Day.
For this holiday-shortened week, the Malaysian Rubber Board’s sellers’ official physical price for tyre-grade SMR 20 slipped 0.5 sen to 508.50 sen per kg while latex-in-bulk decreased three sen to 407.50 sen per kg.
The unofficial sellers’ closing price for tyre-grade SMR 20 declined two sen to 507 sen per kg and latex-in-bulk fell five sen to 406 sen per kg.– Bernama
