THE Malaysian rubber market is expected to trade range-bound with an upside bias next week as price will be boosted slightly ahead of the monsoon season.
Malaysian Rubber Glove Manufacturers Association (MARGMA) immediate past president Denis Low said the resurgence in COVID-19 cases in Europe, the United States and many other countries worldwide had affected demand for the commodity.
“There seems to be a sudden panic situation in the world, which has caused a stop to the movement of people and industries,” he told Bernama.
Low said demand for the commodity last week was negative with prices retreating to RM594 per kilogramme (kg) for latex-in-bulk while SMR 20 remained stable at RM638.50 per kg.
On a Friday-to-Friday basis, SMR 20 increased seven sen to 638.5 per kg, while latex-in-bulk slumped 78 sen to 594 per kg.
At 5pm on Friday, the Malaysian Rubber Board’s reference physical price for SMR 20 stood at 638 sen a kg, while latex-in-bulk was at 589 sen a kg. – Nov 14, 2020
