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Monday, October 18, 2021

TOCOM Rubber bullish after China data, weak Yen; India Rubber positive

Rubber tapping activities have restarted in key natural rubber growing areas in Kerala and yet to reach their normal condition, as per the market sources. Yen was seen touching 98.61 against US Dollar, a depreciation of 0.48% as of 11.13 IST on Monday. NMCE rubber for October delivery was seen trading down by 0.53% at Rs.18232 per 100 kgs as of 10.54 IST on Monday.

KOCHI (Commodity Online): Natural rubber futures on Tokyo Commodity Exchange edged up on Monday after positive Chinese manufacturing data released on Sunday.

As of now the commodity prices are seen trading bullish may continue with the trend for the day supported by depreciation of Yen against US Dollar.

TOCOM rubber futures for February (2014) delivery was seen trading up by 3.08% at 277.4 Yen per kilogram as of 10.43 AM IST on Monday.

Yen was seen touching 98.61 against US Dollar, a depreciation of 0.48% as of 11.13 IST on Monday.

India Rubber Futures: Rubber futures for October delivery on National Multi Commodity Exchange (NMCE) is positive and is expected to continue with the trend for the near term, according to our analyst at Commodity Online.

“For intra-day, support for the commodity is seen at 18100 while 18450 is the resistance. For short term, support is at 17700 while 18700 is the resistance,” said Milan Shah, Research Analyst at Commodity Online.

NMCE rubber for October delivery was seen trading down by 0.53% at Rs.18232 per 100 kgs as of 10.54 IST on Monday.

However, South west monsoon weakening over India’s largest rubber producer Kerala State and anticipation on rise in arrivals in coming days may pressurise the commodity prices to certain extent in both physical and futures market.

Rubber tapping activities have restarted in key natural rubber growing areas in Kerala and yet to reach their normal condition, as per the market sources.

Chinese Manufacturing Purchasing Index (PMI) for August rose to 16 month high of 51.0 when compared to the earlier estimates for a rise of 50.6 and previous index of 50.3, according to the data released by the China Logistics Information Centre on Sunday.

India natural rubber (RSS4) prices traded steady with a positive bias last week. The commodity prices were ruled between Rs.184 to 186 per kilogram on physical markets. Gains in overseas market backed by volatility in currency market supported the market sentiments to certain extent.

Source: Commodity Online

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