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| Rubber News |
Rubber prices expected to rise27 April 2008 THE Malaysian rubber market is expected to get a boost this week where the lower prices of late are expected to draw buying interests from overseas buyers, dealers said. They said buyers were expected to come back and lend support to the market, which saw losses in the week just-ended. “Buyers are expected to make major purchases with the expected technical correction in the market. China is expected to come back after complaining of high prices recently,” he said. Another dealer said weather concerns were also another factor that would encourage buying interest. “The uncertain seasonal conditions in southern Thailand and Malaysia will affect rubber output and this will result in tight supplies,” he said. He said the local rubber market would also continue to watch closely the movement of rubber futures prices on the Tokyo Commodity Exchange and Shanghai Futures Exchange. On a week-to-week basis, the Malaysian Rubber Board official physical noon price for tyre-grade SMR 20 dropped 5.5 sen to end at 840.5 sen per kg last Friday from the previous Friday’s 846 sen while latex in bulk fell by 10 sen to 577 sen per kg from 587 sen previously. The unofficial closing price for tyre-grade SMR 20 declined 4.5 sen to 841.5 sen per kg from 846 sen previously. Latex in bulk also slumped, by 11.5 sen to 575.5 sen per kg from 587 sen the previous week. — Bernama Source: Business Times Online |
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