The Colombo Rubber Auction this week was deferred by two days to Thursday for the first time due to low volumes with the total on offer at 100 MT as a result of multiple issues.
With less than 50 MT available to go to the auction on Tuesday it was held on Thursday when about 100 MT were on offer with prices fetching Rs.1250 for Latex Crepe 1 X and 1; and RSS 1 held a price of Rs740, Asia Siyaka Brokers stated.
The continuous rain for 25 days, shortage of fuel and the increase in the spread of the Pesta disease due to the wet weather have contributed to the shortfall in crop.
A further rapid decline in production is expected over the next week, analysts state due to the prevailing situation in the country. They note that some of the rubber produce might not have reached this week’s auction due to the lack of transport as well. (SD)
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