Rubber producers to hold talks, set intervention price<\/p>\n
Dow Jones, Bangkok<\/p>\n
Ministers from the world's top three rubber producers -
\nThailand, Indonesia and Malaysia - will meet in February to
\ndiscuss strengthening cooperation within the rubber industry and
\nset intervention prices, Thai Prime Minister Thaksin Shinawatra
\nsaid Monday.<\/p>\n
The meeting will be held in Bangkok but the exact date hasn't
\nbeen finalized, Thaksin told reporters after meeting with
\nMalaysian Primary Industries Minister Lim Ken Yaik in Bangkok.<\/p>\n
The ministers will discuss setting intervention price levels
\nin case they need to curb any fall in rubber prices, he said,
\nadding that the joint rubber consortium - the International
\nRubber Consortium Ltd., or IRCo, will be the intervention body.<\/p>\n
Last October in Bali, ministers from Thailand, Indonesia and
\nMalaysia signed a shareholders' agreement for IRCo, marking their
\neffort to form the consortium to manage rubber stocks, trade and
\nprices.<\/p>\n
The consortium, which hasn't started operations yet, will be
\nable to buy and stockpile rubber to stabilize rubber prices if
\nnecessary.<\/p>\n
"(The ministers) will discuss management of the consortium and
\nrubber market in an effort to accomplish our aim to stabilize
\nrubber prices at a level of $1 to $1.5 per kilogram," Thaksin
\nsaid.<\/p>\n
Thai ribbed smoked sheet rubber 3 grade for export was offered
\nMonday for around $1.24-$1.26\/kg, free-on-board basis.<\/p>\n
An official at the Rubber Research Institute of Thailand said
\nIRCo shareholders will meet Jan. 28 to appoint the board of the
\ncompany and the Thailand-based consortium will be incorporated
\nsoon afterwards.<\/p>\n
Thaksin said an IRCo-like palm oil joint venture will be set
\nup later. Malaysia, the world's leading palm oil producer, will
\nbe the main driver for setting up that venture, he said.<\/p>",
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"sponsor": "Okusi Associates",
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