KUALA LUMPUR: The Malaysian rubber market is expected to remain steady next week in view of the current dry season in major producing countries coupled with cuts in exports by the International Tripartite Rubber Council, a dealer said.
However, she said that trading would likely be quiet next week, as the market of the top rubber producer, Thailand, was closed from April 12-16 for the Songkran festival.
The market next week is likely to be supported by firmer oil prices due to ongoing supply cuts led by members of the Organisation of the Petroleum Exporting Countries and the United States’ sanctions on petroleum exporters Iran and Venezuela.
“Production in Venezuela has been plunging as the US sanctions add to a deep economic and political crisis, while the US government is expected to tighten oil sanction against Iran in May,” she added.
On a Friday-to-Friday basis, the Malaysian Rubber Board’s noon price for tyre-grade SMR 20 rose 27.5 sen to 630.5 sen a kg from 603.0 sen a kg last week, while latex-in-bulk increased 8.0 sen to 505 sen a kg from 497 sen a kg.
The 5pm unofficial closing price of SMR 20 advanced 25.5 sen to 628 sen a kg from 602.5 sen a kg, while latex-in-bulk was 8.5 sen higher at 504.5 sen a kg against 496.0 a kg previously. – Bernama
