RUBBER PRICES EXPECTED TO SEE UPTREND NEXT WEEK

KUALA LUMPUR, Oct 24 (Bernama) -- Malaysian rubber prices are set to rise further next week, with SMR 20 expected to hit 800 sen a kg, a dealer said.

The market, he said will see more foreign demand coming in, as the tight supply scenario in major producer countries have prompted traders to stock up.

"We saw continuous interest. We have received a few enquiries including from China, South Africa, Pakistan and South Korea," he said, adding that prolonged rains had led to lower production.

During the week just ended, local rubber prices traded higher, extending the uptrend for five straight days on speculative buying.

On Friday-to-Friday basis, the Malaysian Rubber Board official physical noon price for tyre-grade SMR 20 rose 19 sen to 787 sen a kg from 768 sen last week and latex in bulk added 10.5 sen to 502.5 sen a kg from 493 sen previously. The unofficial closing price for tyre-grade SMR 20 increased 20 sen to 787 sen a kg from 767 last Friday and latex in bulk appreciated 19.5 sen to 502.5 sen per kg from 493 sen last week. -- BERNAMA

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