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[Geojit Comtrade] Daily report on Natural Rubber: November 14, 2013

MARKET COMMENTARY

Sentiments were muddled in the local natural rubber market on Wednesday. In the physical market rubber traded firm near Rs.158 a kg while on NMCE rubber futures were again under the hammer on following the recent rise. While the broad underlying fundamentals stayed bearish, heavy rains in the major rubber growing areas in Kerala as well as the narrowing difference between the natural rubber prices in the local and overseas market lend lower level support.

TOCOM rubber futures rose towards a two week high while SHFE rubber futures are seen inching up on Thursday after hitting three months low in the previous session tracking gains in other commodities and equities amidst speculation lingering in the market over possible Chinese buying for state reserves.

MARKET NEWS

NMCE shall observe Muharam holiday on 15-Nov-2013 instead of 14-Nov-2013 and there will be full Trading Day on 14-Nov and only evening session on 15-Nov. In pursuance to change in the Muhuram holiday, the contracts expiring on 15-Nov-2013 will expire on 14- Nov-2013.

Crude rubber inventories at Japanese ports stood at 5,697 tonnes as of Oct. 30, rising 7.2 percent from 10 days earlier, data from the Rubber Trade Association of Japan showed.

Malaysia’s production of natural rubber in September declined 1.3 per cent to 71,921 tonnes year-on-year, but exports increased 32.3% to 79,808 tonnes compared to September of 2012 according to its the Department of Statistics.

According to the Association of Natural Rubber Producing Countries, natural-rubber production may rise 3.6 percent to 11 million tons this year from 2012.

SIAM sees car sales in India falling by one to four per cent in the current financial year. October car sales drop 3.9 per cent on year on year basis.

Wholesale deliveries of cars, multipurpose and sport utility vehicles rose to 1.61 million last month, data from the state-backed China Association of Automobile Manufacturers showed.

TECHNICAL VIEW

 RUBBER Dec NMCE

Inability to clear the strong resistance at 16250 saw prices retreating in the previous session. Now a direct fall below 15900 with heavy volumes will probably have the potential to revisit the recent lows. Sustained trades over 16250 are necessary to lessen the prevailing broad negative bias.

TURNAROUND

Resistances

LEVELS

 Supports

16180-16250

16250-15900-15550

15900/15800

16400/16540

15750/15550

16750/16850

15400/15350

 

Source: Geojit Comtrade

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