KUALA LUMPUR: Malaysian rubber prices are expected to be influenced by the outcome of Thailand's national rubber committee meeting this week.
Dealers said the meeting today would discuss whether to ask other major producers, Malaysia and Indonesia, to join the move to prevent a further drop in prices.
“If they decide to bring the matter to the International Rubber Consortium (IRCo), we may see an uptrend in prices,” a dealer said, adding that the trend might go the other way if they decided not to.
IRCo brings together rubber industry officials, exporters and government officials from the three countries - Thailand, Indonesia and Malaysia.
Any decision by IRCo would have to be ratified by the International Tripartite Rubber Corporation which groups senior government officials from IRCo countries.
During the week just ended, local physical rubber prices traded mostly higher in line with firmer prices on the Tokyo Commodity Exchange.
On a weekly basis, the Malaysian Rubber Board (MRB) official daily closing price for tyre-grade SMR 20 slipped one sen to 1,358.0 sen per kg from 1,359.0 sen per kg while latex-in-bulk fell 95 sen to 887.0 sen per kg from 982.0 sen per kg.
As for the 5pm closing price, tyre-grade SMR 20 went down 44 sen to 1,393.5 per kg from 1,349.5 sen per kg a week before while the latex-in-bulk eased 73.5 sen to 896.5 sen per kg from 970.0 sen per kg previously. Bernama
(Source: http://biz.thestar.com.my/news/story.asp?file=/2011/3/21/business/8308920&sec=business)
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