June 15, 2017 / 8:03 AM / a month ago

Rubber producer group to meet in Indonesia this weekend

2 Min Read

BANGKOK, June 15 (Reuters) - The International Rubber Consortium (IRCo) will hold an internal meeting of its Committee on Strategic Market Operations this weekend in Indonesia to discuss falling rubber prices.

The meeting will take place in Bandung, said a woman who answered the phone on Thursday at IRCo headquarters in Bangkok though she refused to identify herself to a Reuters reporter when asked.

Rubber Authority of Thailand Governor Titus Suksaard confirmed the meeting will take place. He said the Rubber Authority would attend the meeting to discuss measures to stabilize rubber prices, which could include curbing exports and production.

The meeting follows benchmark Tokyo rubber futures dropping to a seven-month low last week.

Thailand's cabinet on Tuesday approved measures to help rubber farmers and stabilise falling prices, the country's prime minister said.

These included an extension to a 10 billion baht ($295 million) loan programme for agricultural cooperatives for three more years, and another 10 billion baht loan program for rubber businesses.

$1 = 33.9100 baht Reporting by Patpicha Tanakasempipat in BANGKOK and Bernadette Christina Munthe in JAKARTA; Writing by Osamu Tsukimori in TOKYO; Editing by Christian Schmollinger

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