Rubber market seen trading range-bound this week

Rubber tapping

KUALA LUMPUR: The Malaysian rubber market is expected to be range-bound this week with a tendency to move slightly higher in view of the continuous rainfall.

Malaysian Rubber Glove Manufacturers Association (Margma) immediate past president Denis Low said, however, it will remain steady as the big Chinese market will be closing down for the Chinese New Year holidays.

“There will be sporadic buying and replenishment activities with no big catalyst for volatility,” he told Bernama.

Meanwhile, another dealer said the price will be influenced by Covid-19 Omicron variant uncertainties on top of the performance of regional rubber futures markets, ringgit and benchmark crude oil prices.

She added that market operators will also be monitoring the upcoming policy decision by US Federal Reserve meeting and the release of the World Economic Outlook by the International Monetary Fund this week.

On a weekly recap, the market closed mostly lower, tracking weaker advice in the regional rubber futures market and declining oil price amid worries over the Omicron variant spreading.

On a weekly basis, the Malaysian Rubber Board’s (MRB) price for Standard Malaysian Rubber (SMR) 20 decreased nine sen to 735.5 sen per kg, while latex-in-bulk climbed 10 sen to 586.0 sen per kg.

At 5pm on Friday, the MRB’s closing price for SMR 20 stood at 731.0 sen a kg, while latex-in-bulk was at 585.0 sen a kg. — Bernama

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