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Wednesday, May 25, 2022

NMCE Natural Rubber negative on profit booking, Yen advance

“For intra-day NMCE traders may sell below 16100 with stop loss of 16250 for target 15900,” said Milan Shah, Research Analyst at Commodity Online. The commodity may find support at Rs.16050 for intra-day.

KOCHI (Commodity Online): With profit booking occurring at higher levels today, natural rubber futures are looking negative as of now. In the morning, the futures dropped as Japanese Yen advanced.

Besides with US ADP Nonfarm employment data turning out to be subdued, the futures found it yet another reason to chart a negative course.

On the TOCOM, futures for delivery on October was seen trading at 259.6 Yens, a loss of 6.3 Yens against the previous close.

“Data from the U.S. raised demand concerns,” Takaki Shigemoto, an analyst at research company JSC Corp. in Tokyo, said by phone to Bloomberg.

US light vehicle sales climbed 8.5 percent to 1.29 million in April, data from Autodata Corp suggested. Surveys predicted 1.31 million in unit sales.

“For intra-day NMCE traders may sell below 16100 with stop loss of 16250 for target 15900,” said Milan Shah, Research Analyst at Commodity Online. The commodity may find support at Rs.16050 for intra-day, he added.

On India’s NMCE, the futures for delivery on May was seen trading at Rs.16125 a quintal.

In the spot markets on Tuesday, the prices stood at Rs.162 a kilogram for RSS 4 variety, Rs.158 a kilogram for RSS 5 variety and Rs.152 a kilogram for ISNR 20 variety. Latex (60% drc) attracted prices to the tune of Rs.101.55 a kilogram.

Source: commodityonline.com

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