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Article Comparison - International Natural Rubber Agreement

Article 32
Market indicator price

1. There shall be established a daily market indicator price which shall be a composite, weighted average - reflecting the market in natural rubber - of daily official prices as defined by the Council on the Kuala Lumpur, London, New York and Singapore markets, and such other established commercial markets as the Council may decide. Initially, the daily market indicator price shall comprise RSS 1, RSS 3 and TSR 20 and their weighting shall be in the ratio of 2 : 3 : 5. All quotations shall be converted into fob Malaysian/Singapore ports in Malaysian/Singapore currency.

2. The type/grade composition weightings, method of computing the daily market indicator price and the number of markets shall be reviewed and may, by special vote, be revised by the Council to ensure that it reflects the market in natural rubber. The Council may, by special vote, decide to include additional established commercial markets in the calculation of the daily market indicator price if such markets are deemed to influence the international price of natural rubber.

3. The market indicator price shall be deemed above, at or below price levels specified in this Agreement if the average of the daily market indicator prices for the last five market days is above, at or below such price levels.