Rubber Market Expected To Stay Steady With Upward Bias Next Week

By Siti Noor Afera Abu

KUALA LUMPUR, Sept 6 (Bernama) -- The Malaysian rubber market is expected to be steady with an upward bias momentum next week.

Industry expert Denis Low attributes this to the upbeat sentiment from the just-concluded Shanghai Cooperation Organisation (SCO) in Tianjin, China.

He said the group of leaders who met at the SCO are business-minded, and trade and businesses are being prodded along, which is expected to bode well for most commodities, including rubber.

“There is also a feeling of greater cooperation,” Low told Bernama.

Nonetheless, Low said volatile currencies and oil prices will have a significant effect on rubber prices. 

“The economic outlook across the world is still sluggish; this will mean a more measured approach to trading of this commodity (rubber),” he said.

On a Friday-to-Thursday basis (Aug 29 to Sept 4), the Malaysian Rubber Board’s reference price for Standard Malaysian Rubber 20 (SMR 20) rose by eight sen to 751.50 sen per kilogramme (kg), while latex in bulk gained by 5.5 sen to 575.0 sen per kg.

The Kuala Lumpur rubber market was closed on Friday (Sept 5) for the Maulidur Rasul public holiday and will resume operations on Monday (Sept 8).

-- BERNAMA