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Tuesday, January 25, 2022

Thailand to Form Fund to Trade Natural Rubber on Local Exchange

Thai govt through state-owned Rubber Estate Organization and exporters plan to set up a fund to trade rubber on the Agricultural Futures Exchange of Thailand, or AFET, according to the farm ministry.

* Initial fund of 210m baht is expected to buy about 42,000 tons of rubber and increase avg trading volume by about 300-400 contracts a day vs about 300 contracts a day at present, deputy farm minister Yuttapong Charasathien says in statement.

* Thailand aims to boost rubber price to 110b/kg: Yuttapong

* Rubber trading plan is expected to start in July

* Plan will help reduce risk of price volatility and to develop a price benchmark in the future

* 7 parties forming the fund are International Rubber Consortium Co., Rubber Estate Organization, Thai Hua Rubber Plc, Sri Trang Agro-Industry Plc, Thai Rubber Latex Corporation (Thailand) Plc, Southland Rubber Co. and Von Bundit Co.

* Each party will contribute 30m baht each

Source: Bloomberg

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