Last week’s record rubber price beaten

At this week’s Rubber Auction conducted at the Ceylon Chamber of Commerce, three lots of latex crepe from Salawa Estate realised an all time record price of Rs. 609 per kg, which bettered the previously held record price of Rs. 605 established just a week ago.

Salawa Estate is managed by Pussellawa Plantations Ltd. and is one of the larger rubber estates in the country. All three lots were purchased by Almar Trading (Pvt) Ltd., which is one of the leading shippers of rubber, whilst the sale was conducted through the catalogue of Lanka Commodity Brokers Ltd.

The demand for rubber has been steadily rising and this trend is expected to continue due to rubber crops in other major producing countries like Thailand, Indonesia and Vietnam showing a drop following adverse weather conditions.

Additionally, the motor vehicle industry in India has predicted double digit growth for 2011 and this will also be in favour of strong and sustained demand for rubber this year.