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.