KUALA LUMPUR — The Malaysian rubber market will likely rebound next week on bargain hunting after its downtrend this week. A dealer said the price of tyre-grade SMR 20 has fallen quite significantly when compared with the closing price last week and traders were expected to take advantage of the situation.
“Coupled with the generally weaker ringgit versus US dollar, this presents an attractive opportunity particularly for foreign buyers,” he added.
For the week-just-ended, the Malaysian rubber market mostly mirrored the weaker performance of the benchmark Tokyo Commodity Exchange (TOCOM) rubber futures market which was affected by the higher yen as the Bank of Japan deliberated on its monetary policy. On a weekly basis, the market was mixed with the Malaysian Rubber Board’s official physical price for SMR 20 down 12 sen at 507 sen a kg while latex-in-bulk was marginally higher by 3.5 sen at 455.5 sen a kg. Meanwhile, the unofficial physical price for tyre-grade SMR 20 lost nine sen to 505 sen a kg and latex-in-bulk increased six sen to 461 sen a kg.
