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

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