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[Geojit Comtrade] Daily report on Natural Rubber: December 10, 2013

MARKET COMMENTARY

Sentiments were rather mixed in the local market on Monday. RSS4 in the physical market traded rather steady in lackluster trades while NMCE rubber futures dropped more than one per cent following an initial rise. While subdued demand from the tyre sector continued to weigh on the market, falling imports and rising natural rubber prices in the international market is likely to cushion the falling prices despite decline in domestic production in the midst of the peak production phase.

Natural rubber traded rather steady in the overseas market on Tuesday after the last day’s jump as investors await Chinese industrial production data for further cues. TOCOM rubber futures were hovering near the two and a half month high, hit earlier today, buoyed by a weaker yen.

MARKET NEWS

Natural rubber imports by India in November declined 4.57 per cent to 22872 tonnes on year on year basis. Production dropped as well, by 7.1 per cent to 91000 during the same period.

China’s natural rubber imports surged to 270000 tonnes in November, a rise of 42 per cent on month on month basis and 25 per cent year on year.

Rubber inventories in the warehouses monitored by SHFE rose 7.2 per cent last week to 161896 tonnes.

In the meeting of the Executive Committee of Rubber Board, the members demand either a ban on natural rubber imports or temporary suspension of imports against advance licence. The Committee also suggested to raise the import duty to 25 per cent and urged the State and the Central Government to implement a scheme for joint procurement of rubber.

According to ANRPC, natural rubber output from the key growers rose 3.1 per cent during Jan-Nov period this year.

In response to the demand raised by Kerala to hike import duty on natural rubber, the Finance Minister raised doubts regarding feasibility of raising the import duty when natural rubber prices have increased in the international market though assured that the request will be looked upon.

TECHNICAL VIEW

 RUBBER Jan NMCE

Unsuccessful attempt to clear the resistance near 15650 saw a retreat towards 15360 yesterday. Now, as long as 15200-15100 ranges hold downside, mild pullbacks can be anticipated. However, slippage past the same with sturdy volume should see increased selling pressure in the market.

TURNAROUND

Resistances

LEVELS

 Supports

15500/15650

15950-15650-15200

15350/15200

15800/15950

15100/15000

16050/16150

14950/14800

 

Source: Geojit Comtrade

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