INRO postpones council meeting<\/p>\n
KUALA LUMPUR (Reuters): The International Natural Rubber
\nOrganization (INRO) said on Thursday it has postponed a meeting
\nof its governing council to Oct. 9 after the group could not
\ndecide on the sale of its rubber stocks.<\/p>\n
"No consensus could be reached," chief executive officer Arch
\nRoberts told reporters after an INRO council meeting in
\nMalaysia's capital.<\/p>\n
Asked when the council would next meet, Roberts said, "We are
\nplanning for October the ninth, but some members have to check to
\nmake sure that's an acceptable date."<\/p>\n
INRO's governing council was earlier scheduled to decide on
\nThursday what to do with 138,000 tons of rubber in its stockpile.
\nSales have been undermined because of the high purchase price of
\nthe stockpiled rubber.<\/p>\n
INRO's cost price stands at 71 U.S. cents a kg but current
\nprices in top producing countries Thailand, Indonesia and
\nMalaysia are much cheaper.<\/p>\n
The group's failure to reach an agreement means that last
\nyear's resolution on liquidation is still valid.<\/p>\n
INRO's decision-making council decided that in liquidating its
\nstocks, it would not sell rubber at a price below the purchase
\nand carrying costs. The council is made up of representatives of
\nconsumer and producer member countries.<\/p>\n
Delegates from Thailand, Indonesia and Malaysia had said INRO
\nneeded to review last year's decision and reduce the selling
\nprice in order to speed up the sales.<\/p>",
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