KUALA LUMPUR — The Malaysian rubber market is likely to continue its upward momentum next week on the back of a bullish outlook for the commodity, a dealer said.
He said firmer advices from regional rubber futures markets was expected to boost the market next week aided by the further weakening of the ringgit against US dollar.
The rise in China’s imports in August, the first time in nearly two years, boosted by coal and other commodities, indicated that domestic demand may pick up, moving forward.
The market will be closed on Monday for the Hari Raya Aidiladha holiday.
For the week just-ended, the Malaysian Rubber Board’s (MRB) official physical price for tyre-grade SMR 20 rose 6.0 sen to 533.5 sen per kg while latex-in-bulk was up 14 sen at 454 sen per kg.
The 5 pm unofficial closing price for SMR 20 gained 5.0 sen to 525.5 sen a kg while latex-in-bulk improved 11.5 sen to 456 sen a kg.