Rubber market set to proceed cautious buying and selling

KUALA LUMPUR: The Malaysian rubber market is anticipated to proceed buying and selling on cautious mode this week, pushed by concern over the outlook of the worldwide commodity markets, in keeping with a seller.

He mentioned market operators are additionally anticipated to proceed assessing the affect of the beginning of the US Federal Reserve price hike cycle from final week.

Regardless of the constructive pure rubber outlook in 2022 and upbeat United States manufacturing information, he mentioned business gamers have remained cautious over the continuing Ukraine-Russia peace talks.

The Affiliation of Pure Rubber Producing International locations (ANRPC) reported that the worldwide outlook for the pure rubber market ought to keep constructive this 12 months. It mentioned the world manufacturing is anticipated to develop by 1.9%, or 14.107 million tonnes, whereas the world consumption is anticipated to develop reasonably at 1.2%, or 4.232 million tonnes this 12 months.

Nonetheless, the ANRPC mentioned the provision aspect can be closely affected by the adversarial local weather, labor shortages in pure rubber producing international locations amid the surge of Omicron circumstances across the globe and off-tapping season which can irritate the provision tightness of uncooked materials within the coming months.

On a weekly foundation, the Malaysian Rubber Board’s (MRB) reference bodily value for Normal Malaysian Rubber (SMR) 20 declined 24.0 sen to 710.5 sen a kg whereas latex-in-bulk eased 19.5 sen to 670.5 sen per kg.

At 5pm final Friday, MRB’s closing value for SMR 20 stood at 711.0 sen per kg, whereas latex-in-bulk was at 670.0 sen per kg. — Bernama


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