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Rubber Prices To Rise Further Next Week
KUALA LUMPUR Dec 9
Malaysian rubber prices are likely to rise further next week following bullish sentiment in overseas markets, dealers said.
They said that the current rally of rubber futures prices on the Tokyo Commodity Exchange (TOCOM) and the firmer U.S. crude oil prices were among the factors that would boost prices.
The benchmark TOCOM rubber futures for May delivery has breached the key resistance level of 210.0 to settle at 214.9 yen on Friday while crude oil futures price rose to US$63 per barrel.
"Sentiment is relatively steadier, helped by the rise in crude oil prices (which forms the raw material used in the production of synthetic rubber) and thus would contribute to push up the natural rubber prices," a dealer said.
The announcement by Thailand and Indonesia, the world's number one and two rubber producers, on actual or possible export curbs would also lend support to the market.
On Friday-to-Friday basis, the Malaysian Rubber Board (MRB) official physical price for tyre grade SMR 20 climbed by 18 sen to 565.00 sen per kg from 547.00 sen per kg.
Latex in bulk appreciated 6.0 sen to 364.00 sen per kg from 358.00 sen per kg.
December 10, 2006
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Malaysia Economic News
December 9, 2006 Saturday