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[Geojit Comtrade] Daily report on Natural Rubber: Aug 27, 2013

MARKET COMMENTARY

Sentiments seemed to be muted in the local natural rubber market. In directionless trades, NMCE rubber futures ended flat on Monday while in the physical market, RSS4 steadied near Rs.185 a kg. Tight supply, positive moves in the overseas market as well as depreciating rupee continued to provide firm support to the commodity. However, the activities seemed to be lethargic in the physical market.

Natural rubber is seen taking a hiatus after the recent rally in the international market. TOCOM rubber futures are seen easing on Tuesday, after surging to a three month high. AFET and SHFE rubber futures followed the suit too. Weak economic data from the US and strengthening yen weighed on the sentiments. However, rising crude oil prices and falling inventories are likely to lend support.

MARKET NEWS

TOCOM August rubber futures expired with 126 lots being delivered as against 565 lots delivered in July.

Thai Finance Ministry is seeking a budget of 25 billion baht to help rubber farmers cope with decreasing prices of rubber in the world market.

Rubber farmers from northern Thailand plan to stage a mass protest on Sept 3 if the government does nothing to prevent rubber prices from sliding further.

Rubber inventories in the warehouses monitored by SHFE rose 1.7 per cent to 124,740 tonnes.

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.

TECHNICAL VIEW

 RUBBER Sep NMCE

 Require clearing and sustaining above the stiff resistance of 18250 for further upsides. As long as 18250 caps upside, sideways movement could be witnessed with a tendency to correct lower.

TURNAROUND

Resistances

LEVELS

 Supports

18100/18250

18250-17800-17500

17900/17800

18380/18500

17600/17500

18700/18800

17380/17250

 

Source: Geojit Comtrade

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

 

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