Colombo rubber prices continue to bounce

Business

The Colombo rubber auction this week was still “bouncing” with prices continuing to increase and with speculations that a further weakening of the rupee will move prices upto even Rs.1000.

The Grade Latex Crepe 1X increased to Rs.910 per kg up by Rs.60 compared to the last week’s prices at Rs.850, Asia Siyaka brokers stated.

The RSS1 grade moved up to reach Rs.640 per kg. Last week it traded at Rs.597.

The fluctuation of the currency and the limited quantities coming in with less quality rubber available in the market caused the prices continue to rise, analysts pointed out.

It was noted that the pesta disease continues to cause a20-25 per cent drop in quantity on average.

Demand for this grade continues and it is being speculated that the further weakening of the rupee will result in more price rises. Expectations, analysts noted are for rubber to reach Rs.1000 and that “may not be very far away.” (SD)

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