INRO to halt stock sales

INRO to halt stock sales

SINGAPORE (Dow Jones): In addition to suspending sales of
rubber stored in Europe, the International Natural Rubber
Organization will halt sales of rubber Nov. 6-10 in the U.S.,
INRO Chief Executive Arch Roberts told Dow Jones Newswires
Wednesday.

Suspending the sales will allow him to meet the INRO staff
responsible for these areas to discuss administrative and
logistical issues, said Roberts, in an e-mail response to
questions on why INRO has decided to take a break from selling.

In a statement earlier Wednesday, INRO said sales of rubber
from Asian warehouses would be suspended for "administrative and
logistical reasons" until Nov. 13, when it would resume seeking
bids for all locations.

Roberts cited heavy paperwork related to "contract
administration, terms of payment, banking issues, investment of
cash proceeds in fixed deposits" as one reason for suspending
sales.