KUALA LUMPUR — The Malaysian rubber market is likely to trade higher next week, in following the regional sentiment, a dealer said.
He said the commodity would be receiving some buying support as traders become more active after the Chinese New Year holiday.
“We expect buying support to come mainly from Chinese buyers,” he said.
Meanwhile, the dealer said, the local rubber market would also move in tandem with the ringgit’s performance, which currently is seen as weakening against the US dollar.
For the week just ended, the rubber market was mixed, influenced by the momentum set by the Tokyo Commodity Exchange and Shanghai Futures Exchange.
On a Friday-to-Thursday basis, the Malaysian Rubber Board’s noon price for tyre-grade SMR 20 rose 10.5 sen to 564.50 sen a kg, while latex-in-bulk was 16.5 sen higher at 461.50 sen a kg.
The 5 pm unofficial closing price for SMR 20 and latex-in-bulk stood at 563 sen a kg and 458.50 sen a kg respectively.
The market was closed half-day last Thursday due to Chinese New Year.
- Bernama
