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[Geojit Comtrade] Daily report on Natural Rubber: June 4, 2013

MARKET COMMENTARY

After posting losses for the second successive week, NMCE rubber futures rebounded on Monday, with the most active July rubber futures jumping two per cent. In the physical market too, quotes for RSS4 rose following an initial dip. Sentiments were on the greener turf tracking gains in the overseas market and improving buying interest by the tyre sector amidst restricted arrivals. Yet, the overall market tone remained sluggish.

Natural rubber prices in the international market are seen rising on Tuesday buoyed by a robust auto sales data from the US. TOCOM rubber futures rebounded from the one month lows after expansion in auto sales in the US, one of the top consumers of natural rubber climbed 8.2 per cent in May, raising expectations of increase in demand. However, gloomy economic outlook and surplus market situation seen for the current year is likely to weigh on.

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 July NMCE

Prices have been varying inside 16800-16370 ranges for the past few sessions and require a break out from either the sides for further directional moves. For the day there exit mild positive bias and break above 16800 with considerable volume may see prices testing 17020 or 17200 ranges in the near term.

TURNAROUND

Resistances

LEVELS

Supports

16800/16900

17200-16800-16370

16650-16550

17020/17200

16400/16250

17300-17400

16140/16000

 

Source: Geojit Comtrade

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