11/08/2010

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MALAYSIA: Malaysian rubber to see steady trading this week

Malaysian rubber is expected to see steady trading this week amid firm demand from tyre manufacturers, dealers said.

They said the price increase would be driven by overseas buying due to the tight supply situation in major producing countries following bad weather.

"The local mart will track closely the Tokyo futures market for clear direction,” a dealer said.

For the just ended holiday-shortened week, rubber prices were mostly higher on strong demand. The market was closed on Friday for Deepavali holiday.

Compared with the previous week, the Malaysian Rubber Board official physical noon price for tyre-grade SMR 20 was 1,231.0 sen a kg from 1,200.5 sen while latex in bulk was 808.0 sen a kg from 796.5 sen.

The unofficial closing price for tyre-grade SMR 20 was 1,242.0 sen per kg from 1,200.5 sen while latex in bulk was 813.0 sen per kg from 794.5 sen.(Syed Rashid Ali, Karachi, Pakistan)

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