Natural Rubber prices went up further in yesterday's auction in Colombo as RSS grade crossed the Rs.600 mark reaching Rs.610 for the first time in history. Latex Crepe broke the last auction's record of Rs.618.25 and reached Rs.623 levels.
According to foreign media reports, India's natural rubber prices also rose to record high with 100 kilos costing Rs.22,500. In fact the prices have jumped more than 60 percent compared with last year.
The demand was reported to have mainly led by tyre manufacturers. It is also said that rubber product manufacturers' in India are struggling to come up with a price structure for their end products due to constant rise in the raw material prices. Soaring prices of natural rubber, the key raw material for tyres, have forced Indian tyre companies to raise product prices several times in the past few months in an effort to protect margins.
Being the world's second-largest consumer and fourth-largest producer of natural rubber, Indian tyre makers account for more than 60% of India's natural rubber consumption
The benchmark June natural rubber futures on the Tokyo Commodity Exchange settled 0.9% higher at Y458.3 a kilogram, after hitting a record high of Y460.4/kg in early trade.
source - www.dailymirror.lk
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