Rubber prices, like most other commodities, are paced against fluctuating daily market-determined price levels for each grade. Spot prices are adjusted minute-by-minute on willing-buyer willing-seller agreed levels, guided by reporting applications such as Reuters, Bloomberg and other news vendors. LTCs are paced and adjusted with daily closing prices of the official markets. Our market operators follow closely the short-term and long-term trends (downward decreasing or upward increasing) and adjust buying or selling actions and programs according to their short-term and longer term views and strategies. Southland policy is not to gamble with the markets. Our rubber positions in raw materials, semi-finished and finished-goods (physical stocks) must be hedged against forward physical sales or against futures contracts on recognized futures exchanges. Any unhedged positions should normally not exceed 10% of our total positions and the risks of such unhedged/speculative exposures constantly monitored and assessed.