Ministry suspects price manipulation behind yo-yoing rubber
The Agriculture and Cooperatives Ministry has ordered the Rubber Authority of Thailand to investigate suspicious changes in the rubber sheet price after a drop of 13 per cent in the last two weeks.
Minister Chalermchai Srion wants to know whether the price is being suppressed by big exporters, so the ministry can find a solution.
The price has fallen sharply from a high of Bt61.95 per kilo on July 2 to Bt53.4 per kilo this week.
The ministry will collaborate with the Finance Ministry to apply the law against people who suppress the price and to check whether the rubber that is hoarded can affect prices.
The government has targeted an acceptable price level of Bt55-Bt56 per kilo and tasked the Rubber Authority with preventing the price from dropping below the target.
Thailand’s rubber market is being sustained by domestic trade amid low international demand due to the Covid-19 pandemic. The current situation required cooperation from all rubber stakeholders, said the ministry.