Rubber market to trade range-bound next week

KUALA LUMPUR: The local rubber market is expected to trade range-bound due to the uncertain weather condition and slow growth of market demand, the Malaysian Rubber Glove Manufacturers Association’s (MARGMA) immediate past president Denis Low said.

He expects an ample supply to return as heavy rainfall has abated.

“The price ought to stay range-bound at best while demand remains unpredictable in light of the current global situation, except for restocking activities,” he said, adding that the volatility in crude oil prices and the US dollar might influence the prices and demand of rubber.

On a weekly basis, the Malaysian Rubber Board’s (MRB) reference physical price for SMR 20 jumped 18.5 sen to 605.5 sen from 587.0 sen a kg last Friday while latex-in-bulk added 3.0 sen to 537.0 sen from 534.0 sen a kg previously.

At 5 pm on Friday, the MRB closing price for SMR 20 stood at 604.5 sen a kg while latex-in-bulk was at 537.0 sen a kg. – Bernama