Local demand to lift rubber prices

Local-demandThe Malaysian rubber market is anticipated to be stable this week due to the strong demand from the local consumer and the active trading, according to dealers.

Dealers said the weaker yen and the news that the Chinese economy is getting better will arouse the demand for rubber.

According to the Ministry of International Trade and Industry, the global rubber demand is anticipated to boost by 3.4% to 11.3 million tonnes this year and will also rise by 4.9% to 11.84 million tonnes next year.

The export of Malaysian rubber for the first eight months this year have boosted by 14.8% to RM13.4 billion from RM 11.68 billion in the same period last year.

China, Germany, US, Japan and Thailand were the major destinations of these export rubber.

Last week, the Malaysian rubber market closed at the higher noted.

Hari Raya Aidiladha celebration closed the market last Friday.