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[Geojit Comtrade] Daily report on Natural Rubber: June 7, 2013

MARKET COMMENTARY

Natural rubber prices continued to rule firm in the local market. On NMCE, RSS4 inched up on Thursday, with the near month June rubber futures advancing nearly one per cent. In the spot market the grade firmed up and was quoted near Rs.171.50 a kg. Worries over supplies have gripped the market with the arrival of Southwest monsoon in Kerala, top natural rubber producing state in India. According to sources, arrivals to the physical market are thin and production is also seen on the lower side. However, downtrend in the major international natural rubber market pondered on, limiting gains. On Friday, SHFE as well as TOCOM rubber futures are seen extending losses. Strengthening Japanese currency amidst worries over demand dragged down the benchmark November rubber futures on TOCOM to seven month low. Also, caution prevailed in the market ahead of the US non-farm payrolls and Chinese trade balance data.

MARKET NEWS

According to Rubber Trade Association of Japan, crude rubber inventories in the Japanese ports as of May 20 fell 756 tonnes to 14881 tonnes over a period of ten days.

According to ANRPC, natural rubber production from Indonesia is seen rising 5.0 per cent to 3.18 million tonnes while that of Malaysia is seen at 980000 tonnes, up 6.8 per cent this year.

Top three natural rubber producing countries, Thailand, Indonesia and Malaysia, to meet in Indonesia from June 12th to 14th to discuss measures to stabilise natural rubber prices.

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.

TECHNICAL VIEW

 RUBBER July NMCE

Requires clearing and sustaining above 16850 for a rise towards 17000-17200 or more. Else, sideways movement in 16850-16370 region may be seen.

TURNAROUND

Resistances

LEVELS

 Supports

16850-16900

17200-16850-16370

16600-16550

17020/17200

16400/16250

17300-17400

16140/16000

Source: Geojit Comtrade

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