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Strengthening ringgit expected to make local rubber unattractive to buyers
by hlk Mon 04 Jul 2011, 07:35
KUALA LUMPUR: The Malaysian rubber market is likely to move between 1,290 sen and 1,320 sen level per kg this week, dealers said.
They said the strengthening ringgit was expected to make local rubber unattractive to the buyers.
A dealer said the local latex-in-bulk prices would continue its downtrend on price adjustments after rallying over the past week.
He said the adjustment was necessary in order to stay at the competitive level as the local latex-in-bulk prices were considered expensive compared to the traders' price and Thailand's latex price.
On a week-to-week basis, the Malaysian Rubber Board's official physical noon price for tyre-grade SMR 20 fell nine sen to 1,313.0 sen per kg from last Friday's 1,322.0 sen, while latex-in-bulk shed 58.5 sen to 858.5 sen from 917.0 sen previously.
The unofficial closing price for tyre-grade SMR 20 declined 12.5 sen to 1,314.0 sen per kg from 1,326.5 sen per kg previous week, while latex-in-bulk slid 59.5 sen to 853.0 sen per kg from 912.5 sen per kg previously. Bernama
They said the strengthening ringgit was expected to make local rubber unattractive to the buyers.
A dealer said the local latex-in-bulk prices would continue its downtrend on price adjustments after rallying over the past week.
He said the adjustment was necessary in order to stay at the competitive level as the local latex-in-bulk prices were considered expensive compared to the traders' price and Thailand's latex price.
On a week-to-week basis, the Malaysian Rubber Board's official physical noon price for tyre-grade SMR 20 fell nine sen to 1,313.0 sen per kg from last Friday's 1,322.0 sen, while latex-in-bulk shed 58.5 sen to 858.5 sen from 917.0 sen previously.
The unofficial closing price for tyre-grade SMR 20 declined 12.5 sen to 1,314.0 sen per kg from 1,326.5 sen per kg previous week, while latex-in-bulk slid 59.5 sen to 853.0 sen per kg from 912.5 sen per kg previously. Bernama
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