KUALA LUMPUR (March 29)—The International Natural Rubber Organization has sold all of its 138,000 metric tons of stockpiled natural rubber, three months ahead of the June 30 deadline it set for itself, according to Clifford Raisch, assistant U.S. buffer stock manager for the 21-year-old commodity agreement organization. INRO liquidated all its U.S. rubber as of March 27 and its European and Asian stocks the following day, Raisch said. Now all that remains of INRO is the administrative work necessary to shut it down for good, he added. The organization, which disbanded in October 1999, bought the rubber in an attempt to raise long-sagging natural rubber prices. It had a self-imposed deadline of June 30 to sell off the NR stock. The selloff occurred just as NR prices hit historic lows, down to as little as 21 cents per pound in the U.S.
INRO sells last of buffer stock
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