KUALA LUMPUR — The Malaysian rubber market is likely to maintain a mixed trading next week, tracking the ringgit movement against the US dollar and global crude oil prices, a dealer said.
Besides this, he said the rubber price would also move in tandem with prices of other commodities and regional futures markets, namely the Tokyo Commodity Exchange and Shanghai Futures Exchange.
“For the recent holiday-shortened week, the rubber price received a boost earlier in the week when the market resumed last Tuesday, reaching its highest in more than three months.
“The bullish sentiment was boosted by encouraging data on China’s economy, declining Chinese stocks of natural rubber, firmer advices from regional rubber futures markets and steadier oil prices,” the dealer told Bernama.
However, later in the week, the rubber prices declined due to the strengthening ringgit against the US dollar.
On a Friday-to-Wednesday basis, the Malaysian Rubber Board’s noon price for tyre-grade SMR 20 rose 45 sen to 700 sen a kg, and latex-in-bulk increased 43.4 sen to 591.5 sen a kg.
The 5 pm unofficial closing price for SMR 20 added 31 sen to 686.50 sen a kg, while latex-in-bulk gained 43.5 sen to 590 sen a kg.
The market was closed on Thursday and Friday last week, and Monday this week for a special public holiday.
