Malaysian rubber prices are expected to be on a downtrend next week due to lack of demand from the world’s biggest rubber consumer, a dealer said.
Chinese investors had started to pull out of the market ahead of the Lunar New Year holidays, which would begin late next week, she told Bernama.
She also said that trading is expected to return to active mode after the Lunar Year holidays.
“Rubber prices are likely to track the movements on the Tokyo Commodity Exchange and Shanghai Futures Exchange,” she added.
For the week just ended, the lower market prices were also due to a decline in demand from the world’s largest importer, China.
On a Friday-to-Friday basis, the Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 fell 11.50 sen to 702.50 sen a kg and latex-in-bulk increased 4.5 sen to 482.50 sen a kg.
The unofficial closing price for tyre-grade SMR 20 lost 19 sen to 695.50 sen a kg and latex-in-bulk shed one sen to 480.50 sen a kg.
Source: The Star
Published: 25 Jan 2014