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RUBBER MART LIKELY TO BE FIRMER NEXT WEEK
KUALA LUMPUR, July 4 (Bernama) -- The Malaysian rubber market is expected to be firmer next week with sentiment buoyed by a decision by the three major producers to cut exports, dealers said. They said the export curb could help lift prices further.
Thailand, Indonesia and Malaysia agreed on Wednesday to remove about 900,000 tonnes of rubber from the export market this year.
The dealers said the decision was made at a three-day meeting of the International Tripartite Rubber Corporation (ITRC) held in Bangkok.
According to the dealers, the three countries have agreed that the size of the cuts could be revised, depending on price trends.
During the week, the rubber market was traded higher for the first four trading days before ending Friday lower on profit taking activities.
On a week-to-week basis, the Malaysian Rubber Board's official price for tyre-grade SMR 20 rose 4.5 sen to 568.0 sen per kg from last Friday's 563.5 sen.
Latex in bulk added by 7.5 sen to 381.5 sen per kg from 374.0 sen previously. The unofficial closing price for tyre-grade SMR 20 increased 4.5 sen to 569.0 sen per kg from 564.5 sen.
Latex in bulk went up by 8.0 sen to 383.0 sen per kg from 375.0 sen last week. -- BERNAMA
MAS MR
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