KUALA LUMPUR — The Malaysian rubber market is likely to trade cautiously next week due to the weakening ringgit and downtrend in prices of crude oil and other commodities, a dealer said.
He also noted that market was closely monitoring the performance of the yuan as China is the top rubber consumer as well as being the world’s second largest economy.
“Stronger US retail sales that rebounded in July have lifted sentiment in the market, however, due to the prevailing factors, the market could either betrading in a positive or negative direction,” he added. On a Friday-to-Friday basis, the Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 was 19 sen higher at 536 sen a kg, while latex-in-bulk inched up one sen to 416.5.
The unofficial closing price for tyre-grade SMR 20 improved 19 sen to 538 sen a kg, while latex-in-bulk rose three sen to 418 sen a kg.