Gapkindo bids for output reduction by 10%

commodityTHE INDONESIAN rubber group (GAPKINDO) proposes to the country’s sector to reduce its output by 10% by next year. Meanwhile, it also urges other Southeast Asian rubber producers to follow suit, to minimise global stocks and support prices, which according Tokyo Rubber Futures, dropped by 10% this year on account of ballooning stocks and depreciated global economy.

The country’s 2013 rubber output will be little-changed at 3.1 million tonnes with gains curbed by wet weather and a previous agreement with Thailand and Malaysia to reduce rubber exports , an official from the group said.