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[Geojit Comtrade] Daily report on Natural Rubber: June 3, 2013

MARKET COMMENTARY

Natural rubber prices in the Indian as well as in the international market were under hammer last week. Steep plunges witnessed in the overseas market were reflected in the domestic rubber futures too though in the physical market, declines were largely limited. Sporadic buying by the tyre sector lent support to RSS4 in the physical market amidst limited arrivals even as the overall mood remained subdued. On NMCE, RSS4 ended the last week’s session in red for the second successive week with the near month June rubber futures shedding 1.5 percent. On Monday, natural rubber in the overseas market traded mixed with TOCOM and SHFE rubber futures trimming initial losses and AFET rubber futures inching up. TOCOM rubber futures had slipped to one month low earlier today weighed down by decline in crude oil prices. Meanwhile, Thailand scheme to restrict rubber exports to bolster prices expired on May 31st.

MARKET NEWS

Southwest monsoon hits Kerala.

Rubber inventories in the warehouses monitored by SHFE dips 0.6 per cent to 114225 tonnes last week.

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.

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

While it seems that there is some more downside in store, it requires clearing the support placed at 16500. As long as 16500 hold downside, pullbacks to 16850 may be witness but requires breaking and sustaining the same for further upside.

TURNAROUND

Resistances

LEVELS

Supports

16850/16950

16850-16400

16600-16500

17060/17140

16360/16250

17300/17400

16140/16000

 

Source: Geojit Comtrade

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