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[Geojit Comtrade] Daily report on Natural Rubber: Aug 23, 2013

MARKET COMMENTARY

As the week’s session culminates, natural rubber prices in the overseas market are seen rising. Sentiments were sanguine, propped up by upbeat economic indicators from China as well as from the US. TOCOM rubber futures advanced to hit its highest level in two and a half month and were probably on its course to post gains for the third successive week. A weaker local currency supported the prices too. Positive moves in the overseas market are likely to buoy prices in the Indian market also. On Thursday, RSS4 in the physical market rebounded from eight week low while on NMCE, the grade continued to rise, ending the session more than 1.5 per cent up. Recovery in overseas market and depreciating rupee amidst thin local supplies probably lifted prices in the local market. However, latex (drc 60%) prices were seen dipping.

MARKET NEWS

Crude rubber stockpiles held at Japanese warehouses fell 10.6 percent to 7,571 metric tons on Aug. 10, according to data from the Rubber Trade Association of Japan.

Kochi to host two international rubber conferences – Asian Latex Conference (ALC) 2013 on September 5 and 6 and India Rubber Summit and Dinner (IRSD) 2013 on September 7.

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.

TECHNICAL VIEW

 RUBBER Sep NMCE

 While its seems there are some more upside in store a dip possibly towards 17800 cannot be ruled out before resuming to rise. However, break below 17800 prices could revisit the recent low but major downside may be witnessed only on sustained trades below 17500.

TURNAROUND

Resistances

LEVELS

 Supports

18100/18250

18250-17800-17500

17800/17600

18380/18500

17500/17380

18700/18800

17250/17100

 

Source: Geojit Comtrade

Download this report (full content – PDF file) bellow:

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