ERJ staff report (PR)
Thailand’s government has informed the International Rubber Consortium Ltd (IRCo) that it will not sell NR stocks at prevailing market prices, according to Yium Tavarolit, chief executive of IRCo.
The Thai ministry of agriculture and cooperatives added that the government has not made any decision to sell its current natural rubber stocks to the market, Tavarolit said in a 3 April statement on the company’s website.
“The Government of Thailand will only consider to sell them if and when the market price of natural rubber is appropriate,” the IRCo leader stated.
Concern has, reportedly, been growing recently among suppliers over the impact of a possible Thai sell-off and weakening demand in China and Japan on the natural rubber prices.
For the trading week 24 - 28 March, IRCo reported a slight improvement in rubber futures and physical rubber markets in Asia. This, it said, was due mainly to low natural rubber (NR) supply in producing countries.
However, it added that weak rubber market sentiment, unsteady movement of global stocks, commodities and currencies still weighed on rubber futures in the region during the week.
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