KUALA LUMPUR — The Malaysian rubber market is likely to be slightly higher next week on improved demand, a dealer said. He told Bernama the commitment by the six-member International Tripartite Rubber Council (ITRC) at a meeting in Bandung last week to collaborate and cooperate to limit exports and stabilise prices had provided some support for the local rubber market. Meanwhile, International Rubber Conference Organisation, chief executive officer, Yium Tavarolit, said prices may improve as wintering season set in. Tavarolit advised rubber-producing countries to increase domestic consumption to reduce inventory. “As usual, the commodity is expected to track the futures prices of regional markets for fresh direction,” he said. He said the market would continue to monitor the ringgit’s movements, the performance of the regional futures market and the crude oil prices. For the week just-ended, the rubber market was traded mostly higher amid weaker ringgit and increase in the prices of other commodities such as crude oil and copper.
On a Friday-to-Friday basis, the Malaysian Rubber Board’s official physical price for tyre-grade SMR20 was three sen higher at 512 sen a kg, while latex-in-bulk added 2.5 sen to 410. The unofficial closing price for tyre-grade SMR20 declined 2.5 sen to 508.50 sen a kg, while latex-in-bulk rose 13 sen to 411 sen a kg.
– Bernama
