ERJ staff report (DS)
Bangkok, Thailand -- Darmansyah Basyaruddin, CEO of the International Rubber Consortium has said the three member countries (Malaysia, Thailand and Indonesia) will continue with closer cooperation to lead global rubber market sentiment to lift natural rubber prices to remunerative levels for rubber smallholders.
In a blog on the organisation's website he gives an analysis of the global economic situatin and its impact on the supply and demand of natural rubber.
He says, "So far, the economic crisis has been seriously affecting prices of commodities, including rubber prices. IRCo's daily composite price (DCP) reached a peak of US cents 580/kg on February 2011 before it would gradually move downwards and stayed at round US cents 420/kg at the end of September 2011, down US cents 160/kg, or 27.6% during the last seven months following rubber futures and physical prices in the region."
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Blog comment from Darmansyah Basyaruddin on IRCo website