KUALA LUMPUR — The rubber market is expected to continue its uptrend next week on the back of optimism over the improvement in crude oil prices.
A dealer said there was growing optimism that oil producing countries would extend output cuts to curb a persistent glut in crude oil.
“The Organisation of the Petroleum Exporting Countries (OPEC) is scheduled to meet on May 25 to decide whether to extend their agreement to limit supplies,” he added.
For the week just-ended, trading was mostly higher, tracking the stronger rubber futures prices on regional markets, especially the Tokyo Commodity Exchange and the ringgit’s movement against the US dollar.
On a Friday-to-Friday basis, the Malaysian Rubber Board’s noon price for SMR 20 gained 28.5 sen to 664.5 sen a kg, while latex-in-bulk improved 22 sen to 642.0 sen a kg.
The 5 pm unofficial closing price for SMR 20 rose 23 sen to 655.5 sen a kg, while latex-in-bulk appreciated 21 sen to 645.5 sen a kg.
