Rubber expected to be firmer
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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Ringgit to stay volatile
The ringgit is expected to see range-bound trading next week as investors continue to take a cautious stand in the current economic climate, dealers said. According to a dealer, the local unit will remain relatively volatile as the US dollar was still being considered by investors as a safe haven during economic uncertainties. "We will continue to see strong interest in the US dollar but it will depend on sentiments in the currency market," the dealer said. He said throughout the week, the local unit stood mostly lower against the greenback.
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KL tin mart may be easier next week
The Kuala Lumpur Tin Market (KLTM) is likely to be easier next week, hovering below US$14,500 per tonne on expectations of lower demand, dealers said.
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Palm futures trading seen cautious
Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives are expected to move at current levels amid expectations of lower demand particularly from India, dealers said.
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