KUALA LUMPUR — The Malaysian rubber market is likely to be steadier next week as bargain hunters may take advantage of the commodity’s low price.
A local dealer said the market would likely rebound next week in line with the better performance on the Tokyo Commodity Exchange (TOCOM).
“This is because TOCOM rubber futures had rebounded to snap a four-day losing streak on Friday, but the local market had not fully digested it yet as it was almost unchanged.
“However, the crude oil price and ringgit performance would also be the other contributing factors to the local rubber trend next week.
A decline would be capped by a firmer crude oil price while a stronger ringgit against the US dollar may affect the rise (in rubber price),” he added.
For the week just-ended, the Malaysian Rubber Board’s (MRB) official physical price for tyre-grade SMR 20 eased 14 sen to 501.5 sen per kg while latex-in-bulk was down 19 sen at 424.5 sen per kg.
The 5 pm unofficial closing price for SMR 20 lost 13 sen to 502.0 sen a kg while latex-in-bulk declined 20.0 sen to 423.0 sen a kg.
