Sri Lankan rubber prices gained an all time high at the Colombo auctions on Tuesday with a kilogram of rubber fetching Rs 450, rubber brokers said.
Latex crepe rubber produced at Arapolakande Estate, managed by Kotagala Plantations PLC, Elpitiya estate managed by Elpitiya Plantations PLC and Galutura and Rambukkande estates managed by Balangoda Plantations PLC fetched these high prices.
The RSS1 grade rubber produced at Mahawela, Rambukkande and Paradise estates managed by Balangoda Plantations PLC and Bentota estate managed by Elpitiya Plantations PLC together with Neerawalangala estate managed by a private owner fetched the highest price of Rs. 450 per kilogram at the same auction. M. Dias, Chairman of J.D &Sons (Pvt) Ltd, a rubber broker, told the Business Times that the rubber prices will remain at the Rs. 400 level for some time and the industry will improve further to bring more foreign exchange to the country. Sri Lanka exports only white crepe rubber which has a good demand in the world market, he added.
Meanwhile Malwatte Valley Plantations said it also obtained a record price of Rs 450 for its centrifuged rubber latex manufactured at its Vincent estate in Avissawella. It said the company’s entire production of rubber till the first of the financial year ending June 2010 have been sold at the current, rising prices.