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[Geojit Comtrade] Daily report on Natural Rubber: Aug 28, 2013

MARKET COMMENTARY

Natural rubber in the Indian market traded steady to negative on Tuesday. Sentiments were muddled on mixed cues. In the physical market, RSS4 dipped to Rs.184 a kg while on NMCE, the benchmark September rubber futures managed to trim losses and ended 0.27 per cent down. Activities in the physical market stayed subdued and investors are probably waiting for fresh triggers for clear direction on prices.

On Wednesday, natural rubber prices in the overseas market showed a mixed trend. While SHFE and AFET rubber futures inched higher, TOCOM rubber futures were seen declining on stronger yen and geopolitical tensions in Syria. In the mean time, with series of protests going on in Thailand to prop up natural rubber prices, the nation’s rubber policy committee is considering ways to support the industry, including proposal to buy sheet at 80 baht per kg.

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

As long as 18250 caps upside, sideways movement could be witnessed with a tendency to correct lower. A direct fall below the support of 17800 with considerable volume may see prices revisiting the recent low or more. Now, it requires clearing and sustaining above the stiff resistance of 18250 for further upsides.

TURNAROUND

Resistances

LEVELS

 Supports

18100/18250

18250-17800-17500

17800/17600

18380/18500

17500/17380

18700/18800

17250/17100

 

Source: Geojit Comtrade

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