Sri Lanka Rubber prices hits all time high
Sri Lanka’s rubber prices had recorded an all time high for the last 130 years, at Rs.654 per kilogram according to Damitha Perera, Director Forbes & Walker Commodity Brokers (Pvt) Ltd on the last auctions on Friday the January 21. “Prices are always breaking records each week.
This was the highest ever price recorded for Rubber at the Colombo auctions to date since the last high was at Rs.623 per kilo in January 18“ said Perera adding that Rubber market seems to gaining a firm momentum given that its rising demand with big buyers participation and short supply in the market.
Nearly 2500 KIlos of Latex Crepe 1x Rubber from Dalkeith Estate was sold by Forbes & Walker Commodity Brokers (Pvt) Ltd at Rs 654 per Kilo, which is the highest price ever recorded for Rubber at the Colombo auctions to date. The parcel of said rubber had been bought by the Rubber exporter, M/S A.M. Rahim & Company while Natural Rubber RSS grade too established its latest record by fetching Rs.625, breaking its previous record of Rs.610 per Kilogram.
“Synthetic prices are also high” he said. He noted that ever rising markets are witnessed world over for Natural Rubber where as Thailand; the largest Natural Rubber supplier to the world is nearing its wintering season and with a further drop in Thailand’s production is expected towards February.
He expressed that world's biggest importer of natural rubber, China is reported to be stockpiling, purchasing at higher price levels in order to survive the lean period and the rising demand.
Consequently Sri Lanka’s tea prices had seen a strong outlook according to Chairman of Sri Lanka Tea Association, Rohan Fernando.
He said that the Sri Lanka’s Tea prices have remained higher while there is a higher demand internal growth in India due to effects that took place after rains in the region. Colombo Tea Auctions says that Tea has received an overall average price of Rs.395 per kilo at the latest auctions concluded in middle of January.
- Asian Tribune -