KUALA LUMPUR — The Malaysian rubber market is likely to continue its uptrend next week driven by the bullish outlook on the regional and global markets, dealers said.
A dealer said that the Kuala Lumpur rubber market would also likely be supported by expectations of a further weakening of the local currency against the US dollar.
“Prices on Tokyo rubber futures market are also expected to rise further due to a recovery in crude oil prices.
“There was news that energy ministers from Saudi Arabia, Iran and Iraq will be among representatives of key Organisation of the Petroleum Exporting Countries (OPEC) producers to meet with Russia for informal talks next week on the sidelines of an energy conference in Istanbul,” he said.
For the week just ended, the local market was traded higher, supported by the strong regional rubber markets as well as the weakening ringgit against the US dollar.
On a Friday-to-Friday basis, the Malaysian Rubber Board’s noon price for tyre-grade SMR 20 advanced to 599.5 sen a kg from 559 sen a kg last Friday, while latex-in-bulk rose to 469 sen a kg from 465.5 sen a kg previously.
The 5 pm unofficial closing price for SMR 20 improved to 600.5 sen a kg from 556 sen a kg last week, while latex-in-bulk added 6.0 sen to 471 sen a kg from 465 sen a kg previously.
