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[Geojit Comtrade] Daily report on Natural Rubber: November 6, 2013

MARKET COMMENTARY

Natural rubber continues to remain in the stranglehold of bears. In the physical market, quotes for RSS4 slipped further to hit an eight month low on Tuesday. NMCE rubber futures inched lower as well. However, the overall activities in the market remained rather subdued. Markets are likely to stay under pressure with imports surging in October accompanied by fall in consumption in spite of declining domestic natural rubber production.

TOCOM rubber futures took a breather following the recent declines. On Wednesday, the benchmark April rubber futures on TOCOM were trading rather steady while SHFE rubber futures extended the previous session declines.

MARKET NEWS

Natural rubber imports by India in October shoot up 81 per cent to 33486 tonnes while production, consumption as well as exports dropped 7.3, 3.57 and 59 per cent respectively on a year on year basis.

Rubber inventories in the warehouses monitored by SHFE rose 4.4 per cent to 147,662 tonnes last week.

Reports says China bought around 54,000 mt of Ribbed Smoked Sheet grade natural rubber from local suppliers for government stockpiles. ⊳Crude rubber stockpiles held at Japanese warehouses rose 21 percent to 5,314 tons on Oct. 20, according to data from the Rubber Trade Association of Japan.

According to Chinese media reports, the rubber industry has asked the National Development and Reform Commission to waive the 20 percent import tariff on rubber for tire manufacturing.

Bridgestone to increase output of passenger car radial tire at its plant in Wuxi by 5,300 tires/day, according to a statement to the Tokyo Stock Exchange.

TECHNICAL VIEW

 RUBBER Dec NMCE

Selling pressure likely to continue and slippage past 15800 with considerable volume could incite another round of sharp liquidation. However, 15800 ranges if held may call for a pullback to 16000- 16100 levels.

TURNAROUND

Resistances

LEVELS

 Supports

16120/16250

16540-16280-15800

16000-15960

16400/16540

15800/15700

16750/16850

15550/15400

 

Source: Geojit Comtrade

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