INRO council moves up meeting; Asian NR producers closer to pact

KUALA LUMPUR, Malaysia (June 14)—The International Natural Rubber Organization´s governing council has moved up its next meeting to July 17 from the previously scheduled date in September. Clifford Raisch, assistant U.S. buffer stock manager for INRO, said he hadn´t heard precisely why the meeting date was changed, but the need to sell off INRO´s buffer stock and liquidate the organization may be the reason. So far low world NR prices have prevented sales, "but things may change at the next meeting," Raisch said. Meanwhile, Thailand, Malaysia and Indonesia are set to sign a memorandum of understanding July 7 in Jakarta, Indonesia, stating their intention to cooperate on rubber production and pricing, and also may be interested in buying at least some of the INRO buffer stock, according to Asian news reports.