January 11, 2019 / 7:23 AM / 11 days ago

Indonesia econ minister blames speculators for weak rubber prices

JAKARTA, Jan 11 (Reuters) -

* Indonesian Coordinating Minister for Economic Affairs Darmin Nasution said rubber is not oversupplied and speculative traders are to blame for low rubber prices as top producers struggle to prop up prices.

* “We are seeing that rubber is not in oversupply,” Nasution told reporters. “There are speculators who are playing with information.”

* Last year, rubber in Tokyo fell more than 17 percent, as concern over China’s growth curbed demand

* Indonesia, the world’s second-largest rubber producer, will continue to coordinate with Thailand and Malaysia, the two other top producers to help prop up prices, Nasution said

* Indonesian President Joko Widodo has said the government will buy rubber directly from farmers to help increase local prices and use them for asphalt mix (Reporting by Bernadette Christina Munthe; writing by Fransiska Nangoy; editing by Christian Schmollinger)

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