The Malaysian rubber market is likely to continue its positive momentum next week, a dealer said.
He said the weakening ringgit and the announcement by the Ministry of Plantation Industries and Commodities on the drastic cut of supply following the heavy downpour and floods, had brought about positive sentiments to the market.
“The rubber market is seen to be positive, provided the favourable sentiments currently affecting the market continues to linger,” a dealer said.
The market would also be on the look out for the Tokyo Commodity Exchange rubber futures performance next week for further direction as the benchmark will resume trading after the long New Year break, he told Bernama.
On a Friday-to-Friday basis, the Malaysian Rubber Board’s sellers’ official physical price for tyre-grade SMR 20 gained 18 sen to 525 sen a kg, while latex-in-bulk increased eight sen to 379 sen per kg.
The unofficial closing price for tyre-grade SMR 20 gained 18 sen to 527 sen a kg and latex-in-bulk added seven sen to 384 sen a kg.
The local market was closed on Thursday for the New Year. – Bernama, January 3, 2015.
