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Friday, June 2, 2023

NMCE Natural Rubber futures hit record high on positive buying

MUMBAI (Rubber Country): Rubber prices at India’s National Multi Commodity Exchange (NMCE) breached 18450 levels. Rubber for July delivery is now trading around Rs 1818250-18490 per qtl levels.

China’s official purchasing managers’ index (PMI) slipped to 50.1 in June from 50.8 in May, an official survey showed on Monday, reinforcing worries about tepid growth in the second quarter impacted global rubber futures.

On Monday trade, July rubber rose to a high of 18490 Rs/qtl as of 12.01 P.M IST and is expected to trade positive in near term. Support is now seen at 18000, 17930 levels and resistance at 18390 & 18420, analyst said.

Indian Rupee has appreciated by 0.69% to 59.1 on selling dollar at higher levels impacted rupee movements. Strength in Indian Rupee may put further pressure on rubber futures.

Including rubber in the Commodity Transaction Tax (CCT) may impact future commodity prices. We expect NMCE natural rubber futures to trade with bullish bias.

Source: Rubber Country

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