Rubber market expected to be range-bound this week

KUALA LUMPUR: The local rubber market is expected to trade range-bound with a bias tendency to trend slightly higher this week, said Malaysian Rubber Glove Manufacturers Association immediate past president Denis Low.

He said the world was set for a recovery from the pandemic and already many countries had declared Covid-19 as endemic.

“With this economic revival and the opening up of businesses, it will mean more movement of people and this usually translates into more usage of rubber.

“The sporadic rainfall is also seen as hampering rubber production and this may trigger off some stockpiling activities ahead of the year-end monsoon,” he told Bernama.

Meanwhile, a dealer said prices were expected to be volatile amid high commodity prices and regional rubber futures markets’ movements. “Market operators will also be monitoring the upcoming release of natural rubber data by the Association of Natural Rubber Producing Countries and global economic data,” she said.

The dealer said prices were also expected to be influenced by the performance of the ringgit and benchmark crude oil prices. — Bernama

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Business News

Ahead of Blinken trip to Malaysia and Asean, US says committed to 'unprecedented' ASEAN ties
Oil price edges higher on waning fears of Omicron's effects
Citigroup pauses buybacks briefly due to new capital rule
GameStop discloses SEC subpeona on trading activity, posts bigger-than-expected loss
GLOBAL MARKETS-Stocks, debt yields edge up as Omicron fears ease
G3 Global proposes private placement and diversification into healthcare
Bank Muamalat, SJPP signs agreement to enable SMEs, MSCs access to financing
Sapura continues decisive actions to resolve liquidity issues
Gamuda targets RM10bil new order book for FY22
Nestle Malaysia to make full transition to renewable electricity by Jan 1, 2022

Others Also Read