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[Geojit Comtrade] Daily report on Natural Rubber: Aug 21, 2013

MARKET COMMENTARY

Sentiments seemed to be muddled in the local natural rubber market on Tuesday. In the spot market, RSS4 continued to slide down while on NMCE barring the near month September rubber futures, the counter culminated the session rather steady. Zigzag movement were witnessed in the benchmark September contract and it finally ended the session nearly one per cent down. Amidst mixed cues from the local market, declining natural rubber prices in the overseas market weighed on. Natural rubber prices in the international market on Wednesday too inched lower, stretching earlier decline. Steep decline in crude oil prices along with weak equities pondered upon the market. Overall market sentiments were wary ahead of the release of minutes from the US FOMC meeting held on July 30-31.

MARKET NEWS

Rubber inventories in the warehouses monitored by SHFE rose 3.8 per cent to 122645 tonnes last week.

The Thai government planned to spend 30 billion baht to support farmers and rubber processors, Deputy Prime Minister Yukol Limlamthong said on Aug. 15.

Rubber inventories in Qingdao, China’s main hub for the commodity fell to 298,300 metric tons from 313,100 tons on July 31 according to the Qingdao International Rubber Exchange.

Natural rubber production in India tumbled 32.4 per cent in July to 46000 tonnes and consumption dropped 3.75 per cent to 82500 tonnes on year on year basis. In the mean time, imports jumped 39.2 percent to 29311 tonnes during the same period.

Crude rubber stockpiles held at Japanese warehouses fell to 8470 tonnes as of July 31 to its lowest in about seven months, according to data from the Rubber Trade Association of Japan.

China imported 150000 tonnes of natural rubber in July compared to 129827 tonnes imported during last month.

ANRPC sees natural rubber imports by China rising 6.6 per cent in 2013 to 3.59 million tonnes.

TECHNICAL VIEW

 RUBBER Sep NMCE

While support at 17500 was held yesterday, a direct fall below the same with considerable volume may call for further weakness towards 17380-17250 or even more. Else, pullbacks to 17850/18150 ranges may be seen.

TURNAROUND

Resistances

LEVELS

 Supports

17700/17850

18300-17500

17500/17380

18000/18150

17250/17100

18300/18500

16900-16800

 

Source: Geojit Comtrade

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