LONDON (Jan. 18)—Prices of natural rubber have hit new all-time highs in India, and reached the highest price in nearly 100 years in Singapore, while in Tokyo the price was the highest in 21 years.
In Tokyo the benchmark 6-month futures prices reached 233.8 yen/kilogram, well above the 1988 price of 228.2 yen/kg. In India, RSS4 was trading at 73 rupees/kg, more than 1 rupee ahead of the previous record set in December. Traders said growers were holding back stocks in the hope of a further rise, with one analyst expecting a price of 75 rupees by the end of the week.
In Singapore, RSS3 was trading at 190 U.S. cents/kg with futures showing prices up to 197.50 for the 12-month contract. RSS1 was at 312.5 Singapore cents/kg (or around 191 U.S. cents) with the 12-month price at 322.75. While this is not technically a record high, it is the highest since prices for RSS1 exceeded $2.20 in 1911 during the South American rubber bubble.