Market and product

“The three associations agreed not to sell rubber below the minimum price after a sharp fall” in futures, Pongsak said on Friday. Rubber plunged 16% this month on the Tokyo Commodity Exchange as Europe’s sovereign-debt crisis threatened demand and floods in Thailand cut automobile output, reducing tyre consumption.

Thailand, Indonesia and Malaysia will meet next week to discuss measures to stem slump in prices, and they may delay latex tapping and limit shipments to keep export prices above $3.50 a kg, according to Thailand’s Ministry of Agriculture and Cooperatives. They will cut down more aging trees, boost replanting and increase stockpiles, it said.

Demand remains strong and there is no significant change in production, Pornsak Jarernprasert, deputy farm minister, said in a statement.