A rubber price stabilization fund will be created to intervene in the real rubber and futures rubber markets to shore up rubber prices in order to help rubber growers hard hit by falling rubber prices.
Creation of the fund was agreed by the rubber control committee headed by Agriculture Minister General Chatchai Sarikalya, with six major rubber exporters making contributions to make up the starting fund amounting to 1.2 billion baht.
General Chatchai said the six major rubber exporters which are yet to be named will holds with the Thailand Futures exchange about the terms of rubber futures trading.
He expected the futures trading would begin next week and this would help in pushing up the prices of rubber.
The minister denied that the government had recently sold 30,000 tonnes of rubber from its stockpile as widely reported. He said that he had instructed the deputy permanent secretary, Mr Lertvirote Kowattana, to summon a meeting with local administration bodies about using rubber in road construction.
Earlier, the government set out a policy instructing local administration organizations to use rubber in road construction in their localities. But the policy was not put into practice due to procurement regulations forbidding the use of rubber in road building and maintenance.
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