KUALA LUMPUR — The rubber market is expected to move in line with the performance of the regional rubber futures market next week, a dealer said.
This include the Tokyo Commodity Exchange (TOCOM), Shanghai Futures Exchange (SHFE) and the rubber futures at the Singapore Exchange (SGX).
The dealer said the local rubber market’s performance would also depend on the movement of the ringgit against the US dollar and the crude oil prices.
“The Organisation of the Petroleum Exporting Countries (OPEC) on May 25 announced that it would extend cuts in oil output by nine months to March 2018.
“However, the market was disappointed as investors were anticipating deeper cuts,” said the dealer. For the week just-ended, trading was mostly higher, tracking the firmer rubber futures prices on regional markets and the stronger ringgit’s movement against the US dollar following higher crude oil prices.
On a Friday-to-Friday basis, the Malaysian Rubber Board’s noon price for SMR 20 eased 7.5 sen to 657 sen a kg, while latex-in-bulk fell 10.5 sen to 631.50 sen a kg.
The 5 pm unofficial closing price for SMR 20 shed 23.5 sen to 632 sen a kg, while latex-in-bulk dipped 8.5 sen to 637 sen a kg.
