Thailand to sell 96,000 tonnes of rubber from state stockpiles

Thailand, the world's biggest producer and exporter of rubber, expects to sell 96,000 tonnes of the commodity from state stockpiles, an official at its rubber authority told Reuters on Wednesday, ahead of a formal announcement set for Thursday. The sale is expected to fetch the government more than 6.84 billion baht ($195.43 million), the official at the Rubber Authority of Thailand said.
"We'll hold another auction in March, where the remaining 125,000 tonnes of rubber should all be sold," the official said. News of the auction comes after flash floods hit its southern provinces, the main rubber-growing region, killing 99 people since December and swamping plantations at the height of the tapping season. Global rubber prices soared to five-year highs on January 31 on worries over supply following the floods in Thailand, which accounts for nearly 40 percent of the world's natural rubber, used mainly in car tyres.