MUMBAI (Rubber Country): Rubber prices at India’s National Multi Commodity Exchange (NMCE) breached was up by 2.43%. Rubber for August delivery is now trading around Rs 18441-18917 per qtl levels.
On Tuesday trade, August rubber rose to a high of 18917 Rs/qtl as of 02.50 P.M IST and is expected to trade positive in near term. Support is now seen at 18600, 18500 levels and resistance at 18800 & 18900, analyst said.
Indian Rupee has depreciated by 0.06% to 59.41 against dollar at higher levels impacted rupee movements. Weakness 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