Malaysian rubber prices are expected to be rangebound next week, tracking the performance of rubber futures prices on the regional market, dealers said.
"The local market's movement will depend on the performance of rubber futures prices on the Tokyo Commodity Exchange (TOCOM). If the price falls on TOCOM, the players won't come in," said one of the dealers.
Another dealer said most players had been staying away from the market, waiting for a drop in prices.
"Some of the buyers considered the prices to be still high, especially the price of latex in bulk," he said.
The dealers said that concern over shortage of supplies due to the dry season in the major producing countries of Thailand, Indonesia and Malaysia, which accounted for about 60 per cent of the world's output, could also help to lift sentiment in the market next week.
On a Friday-to-Friday basis, the Malaysian Rubber Board official physical price for tyre-grade SMR20 was flat at 1,053.00 sen per kg while latex in bulk rose 2.5 sen to 742.00 sen per kg.
The unofficial sellers' closing price for tyre grade SMR 20 was unchanged at 1,053.50 sen per kg while latex in bulk went up 2.5 sen to 743.00 sen per kg.
Bernama
(btimes.com.my)
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