KUALA LUMPUR — The rubber market is likely to see cautious trading next week on the back of the ringgit’s movements and the performances on regional rubber markets, said a dealer.
The global crude oil price volatility and major currency fluctuations would also influence rubber prices next week, he said.
The dealer said it was reported that the market was expected to remain steady in the near term, supported by the International Tripartite Rubber Council’s commitment to curb export of natural rubber (NR) under the 5th Agreed Export Tonnage Scheme until end-March 2018.
On the local front, the Statistics Department said, NR production fell 12.6 per cent in November 2017 to 58,733 tonnes from 67,403 tonnes in the previous month.
For the week just-ended, the market was traded mostly higher in line with the rally on the regional rubber futures markets.
On a Friday-to-Friday basis, the Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 at noon gained 23.5 sen to 595.5 sen a kg and latex-in-bulk increased 19 sen to 482.5 sen a kg.
The 5pm closing price for tyre-grade SMR 20 was 17.5 sen higher at 592.5 sen a kg and latex-in-bulk improved 16.3 sen to 479.5 sen a kg.
- Bernama
