KUALA LUMPUR — The Malaysian rubber market is set to continue its uptrend next week, driven by the bullish outlook on the regional and global markets.
A dealer said the Kuala Lumpur rubber market would also likely be supported by expectations of gains in crude oil price, as well as a weaker ringgit against the US dollar.
The US oil prices extended gains following the US government report showed hefty draws in diesel and gasoline, offsetting the first crude inventory build in six weeks, a dealer told Bernama.
On the local front, the Malaysian Rubber Glove Manufacturers Association (MARGMA) has called on its members to capitalise on the Thai Rubber City project, which offers attractive tax incentives, abundant labour supply and proximity to raw materials.
“The Thai government also provides water infrastructure and is also working on natural gas supply which will be available within three years,” MARGMA President Denis Low Jau Foo told reporters at the Rubber City Songkla Roadshow Friday.
The Rubber City is earmarked for the Southern Region Industrial Estate in Songkhla’s Hatyai district. For the week just ended, the local market was traded higher, supported by the strong regional rubber markets and gains in crude oil price, as well as a weaker ringgit against the US dollar.
On a Friday-to-Friday basis, the Malaysian Rubber Board’s noon price for tyre-grade SMR 20 rose 35.5 sen to 635 sen a kg from 599.5 sen a kg last Friday, while latex-in-bulk rose 18 sen to 487 sen a kg from 469 sen a kg previously.
The 5 pm unofficial closing price for SMR 20 soared 40 sen to 640.5 sen a kg from 600.5 sen a kg last week, while latex-in-bulk added 17 sen to 488 sen a kg from 471 sen a kg previously.
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