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 Business

Rubber market likely to continue downtrend

8th May, 2017

KUALA LUMPUR: The Malaysian rubber market is expected to remain quiet this week on a lack of catalyst, said a dealer, adding that the local market’s movement will depend on the performance of rubber futures contract on the Tokyo Commodity Exchange (TOCOM) and the Shanghai Futures Exchange and (SHFE) as well as the ringgit and oil price movements.

“For the holiday-shortened week just ended, the market traded lower to mixed in tracking external factors, mainly the movement of TOCOM, SHFE and the ringgit’s performance against the US dollar,” the dealer said.

The market was closed on Monday for the Labour Day public holiday.

It was reported that oil prices dropped to a six-month low over concerns of persistent global oil glut.

However, supply disruption following heavy rains in Southern Thailand and in certain parts of rubber growing areas in Malaysia could lend some support to the market this week.

On a Friday-to-Friday basis, the Malaysian Rubber Board’s noon price for SMR 20 declined 46 sen to 634.50 sen a kg while latex-in-bulk eased 18 sen to 616 sen a kg.

The 5 pm unofficial closing price for SMR 20 depreciated 70 sen to 625 sen a kg while latex-in-bulk slipped 13 sen to 613 sen a kg.

   
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