BANGKOK (Commodity Online): Rubber associations in Thailand, Indonesia and Malaysia has greed not to sell the commodity below the set minimum price after a sharp fall, the the three association has set the minimum price of $3 per kg, according to Pongsak Kerdvongbundit, Thai Rubber Association.
According to Thailand's Ministry of Agriculture and Cooperatives, the three nations will meet next week to take measures to take necessary price to curb the fall of price, reported The Economic Times
The Natural Rubber in Tokyo Commodity Exchange climbed 16% in November due to Europe's sovereign-debt crisis and floods inThailand.
Meanwhile the Malayasian market for Rubber to continue down trend due to lack of buying interest. The production of the country remained low compared with the previous month.The production declined by 18.8% or 18,003 tons to 77,728 tonnes in September 2011.
Whereas year on year output of the country increased by 4%, or 2,978 tons.
Thailand , Malayasia and Indonesia represents almost 70% of the global rubber supply.
In India on NMCE, the rubber for November delivery closed down 0.7% to Rs19,803 on 14th November.
