KUALA LUMPUR — The Malaysian rubber market is expected to perform in line with the movement of regional rubber futures markets next week, said a dealer.
The dealer said traders would also be closely monitoring the performance of global oil prices, as well as the ringgit against the US dollar to determine the demand and supply for the commodity.
On the local front, Malaysia’s rubber glove exports in the first six months of this year rose by 25 per cent to RM7.95 billion from RM5.28 billion in the same period in 2016, signalling that the sector is on track for a record-breaking year.
Plantation Industries and Commodities Minister, Datuk Seri Mah Siew Keong said the high export growth might lead to an outstanding new high in export sales of RM16 billion in 2017, up 20 per cent from RM13.28 billion in 2016, he said.
For the week just-ended, rubber prices were mostly higher, influenced by the regional rubber futures markets and movement of global oil prices.
On a Friday-to-Friday basis, the Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 gained 9.5 sen to 642.50 sen a kg, and latex-in-bulk surged 60.5 sen to 561.50 sen a kg.
The 5 pm closing price for tyre-grade SMR 20 added 16 sen to 637.50 sen a kg, and latex-in-bulk rose 58.5 sen to 561 sen a kg.
