INRO allowed to sell stock

INRO allowed to sell stock

KUALA LUMPUR (Dow Jones): The International Natural Rubber Council has decided to allow the International Natural Rubber Organization to sell a minimum of 110,000 metric tons of its buffer stock by March next year, a delegate from a major consuming country said.

"There's a deal...to sell 110,000 tons by March," he said.

"The Thais have dropped their insistence on taking physical rubber back," he added, referring to the option that INRO member countries have of taking back their share of physical rubber from the now-defunct INRO's stockpile.

The other option would be to take the cash proceeds from the sale of the 138,000-ton stockpile.

It is still uncertain if the council can issue a formal resolution Thursday on the new sale guideline for the stockpile.

Some delegates are optimistic that the meeting will end Thursday but others said it could carry on to Friday. The meeting is scheduled to end Friday but the Indonesian council chairman has to return to Jakarta by Friday and expressed a wish for the meeting to end earlier.