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[Geojit Comtrade] Daily report on Natural Rubber: December 20, 2013

MARKET COMMENTARY

Sentiments continues to be muddled in the local natural rubber market. On Thursday, while quotes for RSS4 were seen inching up in the physical market, NMCE rubber futures carried on to move in tight ranges, probably awaiting fresh triggers for further directional moves. Anticipation of government intervention to support prices amidst concerns over production may have provided firm support to the prices to edge higher, restricting losses.

Natural rubber prices are in a greener turf as the week’s session concludes. TOCOM rubber futures rose nearly one per cent buoyed by a weaker yen, which plunged to a five year low against the US dollars. However, the commodity is probably on track to post first weekly losses in the month. SHFE and AFET rubber futures inched up too after the recent declines.

MARKET NEWS

In response to the issue of fall in natural rubber prices raised in the Rajya Sabha, the Commerce Minister said the other day that it has asked the Rubber Board to hold a stakeholders meeting and also added that the issue is under discussion with the Finance Ministry and a notification of fixing minimum price is being awaited.

Rubber inventories in Qingdao, China’s main hub for the commodity, advanced for a third week to 282,700 tons from 276,300 tons at the end of November, according to the Qingdao International Rubber Exchange.

Crude rubber stockpiles held at Japanese warehouses rose 16.7 percent to 10,875 tons on Nov. 30, the highest level since July 10, according to data from the Rubber Trade Association of Japan.

According to a report appeared on Bloomberg, China, the largest rubber consumer, bought 87,200 metric tons for government stockpiles

Bridgestone to invest $63 million to expand tyre manufacturing unit in Brazil. Increased production expected to start in May 2015 and the company is to produce additional 2,100/day passenger car radial tires and light truck radial tires.

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.

TECHNICAL VIEW

 RUBBER Jan NMCE

Sideways movement inside 15950-15500 ranges in progress and requires a break out from either the sides for further directional moves.

TURNAROUND

Resistances

LEVELS

 Supports

15950/16050

15950-15500

15650-15580

16150/16250

15470/15350

16500/16650

15200/15100

 

Source: Geojit Comtrade

Download this report (full content – PDF file): [Geojit Comtrade] Daily report on Natural Rubber: December 20, 2013

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