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Rubber prices set to rise further
by hlk Mon 10 Oct 2011, 01:22
The Malaysian rubber market is expected to rise further next week on the back of increasing crude oil prices and amid an easing of concerns over the global recession, dealers said.
A dealer said Chinese traders, who were absent from the market due to a week-long national holiday, are also set to return.
"This should help trading volume and could push prices higher," he added.
However, he said high supply, might weigh down on prices.
"Thailand, the largest rubber producer's proposal to cut annual supply by 3.5 per cent this year, while intending to urge Indonesia and Malaysia to follow suit in a bid to prop up prices, might provide some relief on the downside.
On a week-to-week basis, the Malaysian Rubber Board's official physical noon price for tyre-grade SMR20 rose 15.5 sen to end at 1,314.5 sen per kg this week while latex-in-bulk inched up eight sen to finish the trading week at 823.5 sen per kg.
The unofficial closing price for tyre-grade SMR20 advanced 17.5 sen this week to end at 1,319 sen per kg while latex-in-bulk added 10.5 sen to 827 sen per kg. -- Bernama
A dealer said Chinese traders, who were absent from the market due to a week-long national holiday, are also set to return.
"This should help trading volume and could push prices higher," he added.
However, he said high supply, might weigh down on prices.
"Thailand, the largest rubber producer's proposal to cut annual supply by 3.5 per cent this year, while intending to urge Indonesia and Malaysia to follow suit in a bid to prop up prices, might provide some relief on the downside.
On a week-to-week basis, the Malaysian Rubber Board's official physical noon price for tyre-grade SMR20 rose 15.5 sen to end at 1,314.5 sen per kg this week while latex-in-bulk inched up eight sen to finish the trading week at 823.5 sen per kg.
The unofficial closing price for tyre-grade SMR20 advanced 17.5 sen this week to end at 1,319 sen per kg while latex-in-bulk added 10.5 sen to 827 sen per kg. -- Bernama
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