The Malaysian rubber market is expected to extend its uptrend next week with the possibility of further intervention by major producing countries this weekend, dealers said.
A two-day meeting between the major producing countries — Thailand, Malaysia and Indonesia — which took off yesterday, is expected to discuss measures to support natural rubber prices.
“They will put in any effort to stabilise the rubber market and the top rubber producers will not let prices fall,” they were reported to have said.
They also said that demand for rubber has declined amid the global economic uncertainty.
A market player meanwhile said the local rubber market will continue to track the movements of the Tokyo Commodity Exchange and Shanghai Futures Exchange for cues.
On a week-to-week basis, the Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 advanced 83.5 sen to 1,057.5 sen per kg from last Friday’s closing of 974 sen while latex in bulk rose 36 sen to 692 sen per kg from 656 sen previously.
The unofficial closing price for tyre-grade SMR 20 added 78 sen to 1,050.50 sen per kg from 972.5 sen last week while latex in bulk was up 50 sen to 695 sen per kg from 645 sen previously. –Bernama
Source: http://www.btimes.com.my/Current_News/BTIMES/articles/20111119123310/Article/index_html
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