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Wednesday, August 17, 2022

TOCOM Rubber rebounds further from 3 month low, India Rubber down on selling

TOKYO/AHMEDABAD (Commodity Online): Rubber futures in Tokyo was seen continuing its recovery from a three month low for the second consecutive day on Thursday amid hopes that signs of economic recovery in the United States may boost Dollar against Japanese Yen. Rubber futures for June delivery on Tokyo Commodity Exchange (TOCOM) was seen trading with a gain of 1.7 Yen at 257 Yen per kilogram as of 11.46 IST on Thursday.

India rubber futures edged lower on Thursday due to persisting selling pressure. Rubber futures for February delivery on India’s National Multi Commodity Exchange (NMCE) opened slightly negative note at 15645 per 100 kilograms and was seen trading with a loss of Rs.134 at Rs.15670 per 100 kgs as of 11.54 IST on Thursday.

Intra-day support for NMCE rubber February delivery is seen at 15400 while resistance is seen at 16150. Traders may sell around 15850 with the stop loss of 16150 for the target of 15400. On Wednesday, rubber prices at NMCE February contract traded down on selling pressure, according to our analyst at Commodity Online.

In December 2013 India’s natural rubber imports climbed 46 percent to 26,853 tons year-on-year basis, according to Rubber Board. Tyre manufacturer in India raised their imports to get the advantage of lower prices. Meanwhile, the country’s natural rubber production in December 2013 eased 5.3% on year to 108,000 tons, the Board said.

In the United States, private sector employment increased by 238,000 jobs from November to December, according to the December ADP National Employment Report released on Thursday.

Source: commodityonline.com

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