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[Geojit Comtrade] Daily report on Natural Rubber: May 31, 2013

MARKET COMMENTARY

Natural rubber prices in the overseas market took a breather after its recent slump. As the week’s sessions culminate, TOCOM and SHFE rubber futures were seen rebounding. Decline in inventories in China’s Qingdao bonded area along with firmer equities improves the sentiments. However, TOCOM rubber futures were probably poised to post losses for the third successive week. In the mean time, in the Indian market, RSS4 is probably heading to post monthly gains. Yesterday, on NMCE, the grade was seen recovering after hitting its lowest level in about three and a half week and in the physical market the commodity traded firm near Rs.170 a kg. Weakness in the overseas market weighed on the sentiments largely. However, limited arrival to the market lent firm support. Also, arrivals and progress of the monsoon will be influencing the market in coming days.

MARKET NEWS

Rubber inventories in Qingdao, China’s main hub for the commodity fell to 360,000 metric tons today, from 363,300 tons on May 15 according to the Qingdao International Rubber Exchange.

Indian Meteorological Department now expects Southwest Monsoon to arrive in Kerala by 2nd June a day earlier from its previous forecast.

International Rubber Study Group announced a Sustainable Natural Rubber Action Plan with the key objective to promote the use of voluntary sustainable natural rubber standards throughout the global rubber economy.

Myanmar exported about 9000 tonnes of raw rubber during the first four month of 2013.

TOCOM May rubber futures expired on Monday with 395 lots being delivered compared to 503 lots delivered the previous month.

Indonesian rubber growers have asked government to coordinate action to keep prices at $3.50 a kilogram, according to Asril Sutan Amir, advisor to Rubber Association of Indonesia.

Ivory Coast’s natural rubber exports totalled 100,573 tonnes by end-April since the start of the year, up more than 17 percent from the same period last year, provisional port data showed on Wednesday.

TECHNICAL VIEW

 RUBBER June NMCE

The pullbacks witnessed in the previous session after taking support at 16500 have the potential to extend towards 16850 or more to 17000 ranges only to be succumbed to higher level selling. Yet, a rise extending beyond 17140 may see some more up moves.

TURNAROUND

Resistances

LEVELS

Supports

16850/16950

17140-16850-16400

16600-16500

17060/17140

16360/16250

17300/17400

16140/16000

 

Source: Geojit Comtrade

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