THE Malaysian rubber market is expected to trade in a range-bound mode next week on anticipation of higher demand as China is slowly restarting its economy, said Malaysian Rubber Glove Manufacturers Association (MARGMA) president Denis Low.
He told Bernama that there will be some demand for dry rubber, while latex-in bulk would see a bigger off-take as demand for rubber gloves keeps rising due to the Covid-19 pandemic.
“We expect bulk latex prices to move slightly upwards as the rain is hampering latex output in the producing regions,” he said.
During the shortened trading week, the local rubber market was mostly in positive territory due to firmer regional rubber futures, weaker ringgit and steadier oil prices.
The local market was closed on Monday and Tuesday for the Hari Raya Aidilfitri holiday.
On a Friday-to-Friday basis, the 12pm Malaysian Rubber Board’s reference physical price for SMR 20 added 1.5 sen to 474.5 sen a kg, while latex-in-bulk gained nine sen to 450.0 sen a kg.
For 5pm, the MRB’s reference price for tyre-grade SMR 20 increased 5.5 sen to 478.0 sen a kg and latex-in-bulk rose 11 sen to 451.5 sen a kg. – May 30, 2020, Bernama
