KUALA LUMPUR — The rubber market is expected to see cautious trading this week, tracking the performance on regional rubber markets, coupled with the ringgit’s movements, a dealer said.
The dealer said the volatility in the global crude oil prices and major currency fluctuations would also influence rubber prices.
“For the week just-ended, the market was traded mixed despite the higher performance on Tokyo Commodity Exchange, but the weakening ringgit helped push the commodity to be traded slightly higher,” he said.
He said the local rubber market was closed on Monday for the Nuzul Al-Quran holiday.
DIALOGUE SESSION
Meanwhile, the main rubber-producing countries – Thailand, Indonesia and Malaysia – will hold a dialogue session this weekend to find solutions to combat plunging prices for the commodity.
On a Friday-to-Friday basis, the Malaysian Rubber Board’s official physical price for tyre-grade SMR 20, at noon, rose 20.5 sen to 618.50 sen a kg and latex-in-bulk dropped 11.5 sen to 556 sen a kg.
The 5 pm closing price for tyre-grade SMR 20 was 29 sen higher at 614 sen a kg and latex-in-bulk dipped 4.5 sen to 561 sen a kg.
The market was closed on Monday for Nuzul Al-Quran public holiday.
