Last update: 31/08/2019
By Sharifah Pirdaus Syed Ali
KUALA LUMPUR, Aug 31 (Bernama) -- The Malaysian rubber market is expected to trade range-bound with a downside bias next week, a dealer said.
Malaysian Glove Manufacturers Association president Denis Low Jau Foo said the market saw some spurts in demand and prices for both SMR 20 midway through last week, but they fizzled out towards end of the week.
The protracted US-China trade war and Brexit no-deal fears continued to cause uncertainties surrounding the market, which might affect growth of the global economy, he said.
“With all the uncertainties affecting the market sentiment, we are expecting a subdued market moving forward.
“We also expect a surge in rubber supply, with high yield season in place which would put further pressure on the prices,” he told Bernama.
He said there must be discovery for new usage of rubber to stabilise demand and prices moving forward.
During the week just ended, the market traded mixed, tracking the performance of regional rubber futures markets.
However, weakness in ringgit continued to lend support for the commodity prices.
On a Friday-to-Friday basis, the Malaysian Rubber Board's official physical price for tyre-grade SMR 20 added four sen to 538.5 sen a kg but latex-in-bulk slipped four sen to 431 sen a kg.
The 5 pm closing price for tyre-grade SMR 20 rose 10 sen to 539.5 sen a kg, while latex-in-bulk shed two sen to 431 sen per kg.
The rubber market will be closed on Monday in lieu of Awal Muharram which falls on Sunday. The operations will resume on Tuesday.
Sumber: Starbiz Mukasurat 4