Rubber prices bounce back

images (5) The price of SVR 3L, the major rubber variety Vietnam exports, has increased by 3.6 percent to US$488 per ton on the world market in the past two weeks, the Vietnam Rubber Group said.

This has boosted the domestic prices of latex by 9.4 percent to VND30000-36000 per liter, it added.

The hike in prices is due to increased demand from China and India, the two biggest importers, while production in major exporting nations like the Philippines and Indonesia is lower than expected due to unfavorable weather conditions.

The increase in the prices of oil and fuel has also affected the prices.

But the price remains far off the record high of $600 touched two months ago.

So far this year Vietnam has shipped 212,300 tons of rubber worth US$934 million, mainly to China, Japan, and Europe.

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