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Sunday, June 4, 2023

Malaysia: Rubber market likely to stay bullish next week

KUALA LUMPUR: The Malaysian rubber market is likely to maintain its bullish performance next week with demand still favourable, said a dealer.

“For the whole week, rubber prices have been going up and there is still indication that the price may still climb next week,” he said.

The local rubber market recorded gains throughout this week, on the back of prospects for higher demand from major buyer China and tight supply concerns over political unrest in major producer Thailand as well as rains.

Physical rubber prices are also likely to be influenced by the Tokyo Commodity Exchange next week.

On a Friday-to-Friday basis, the Malaysian Rubber Board‘s sellers’ official physical price for tyre-grade SMR 20 rose 13 sen to 753.5 sen per kg, while latex-in-bulk gained 23 sen to 574 sen per kg.

The unofficial sellers’ closing price for tyre-grade SMR 20 added 11 sen to 756 sen per kg and latex-in-bulk increased 23 sen to 548 sen per kg. – Bernama

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