Thailand awaits INRO move

Thailand awaits INRO move

BANGKOK (Reuters): Thailand's rubber trade ended the week steady with Japanese buyers coming in for regular purchases, traders said.

Prices were expected to move in a narrow range this coming week as market players look for fresh leads to trade on, they said.

The market will also closely watch a meeting of authorities from three major rubber producing countries -- Thailand, Indonesia and Malaysia -- to formulate a common stance on whether or not to withdraw from the International Natural Rubber Organization (INRO).

The meeting will be held on July 24-25 in the resort island of Phuket in Southern Thailand. Thailand, the biggest producer, has been unhappy with INRO after failing to convince the grouping to raise market intervention prices.

Thai benchmark RSS3 for October shipment was quoted at 73 U.S. cents per kg on a free-on-board (FOB) basis. November and December were quoted at 74 and 75 cents respectively.