KUALA LUMPUR — The Malaysian rubber market is expected to trend higher this week due to bullish sentiment on the oil price outlook.
A dealer said the atmosphere was positive among oil producers ahead of their meeting in Doha on Sunday to discuss an output freeze plan in the quest to prop up oil prices.
He said, however, with the expectations of further ringgit appreciation, gains in the commodity may be capped next week.
For the week just-ended, the local market was mostly higher, driven by the ringgit’s strength and weaker crude oil prices.
On a Friday-to-Friday basis, the Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 jumped 42.5 sen to 585 sen a kg while latex-in-bulk gained 21.5 sen to 474 sen a kg. The 5 pm unofficial closing price for SMR 20 appreciated 28 sen to 577.0 sen a kg while latex-in-bulk expanded 17 sen to 473.0 sen a kg.
