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| Rubber News |
Rubber may trend higher30 March 2008 MALAYSIAN rubber prices are likely to be slightly higher this week, taking the cue from the crude oil market, dealers said. Crude oil prices traded above US$100 per barrel last week and this trend is likely to continue this week, they said. High oil prices helped to boost rubber prices as consumers using synthetic rubber are prompted to shift to natural rubber since materials for synthetic rubber come from crude oil. However, the dealers said the commodity market will see the absence of China this week as the country has already piled up stock. The rubber market was closed last Friday for the Good Friday holiday while last Thursday was a public holiday. On a week-to-week basis, the Malaysian Rubber Board official physical noon price for tyre-grade SMR 20 rose 4.5 sen to 840 sen per kg from 835.5 sen per kg while latex in bulk increased 5.5 sen to 585 sen per kg from 579.5 sen per kg. The unofficial sellers’ closing price for tyre-grade SMR 20 gained three sen to 838 sen per kg from 835 sen per kg and latex in bulk added 4.5 sen to 583 sen per kg from 578.5 sen per kg previously. — Bernama Source: Business Times Online |
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