![[Geojit Comtrade] Daily report on Natural Rubber: October 30, 2012](https://img.globalrubbermarkets.com/2024/08/geojit-comtrade-daily-report-on-natural-rubber-october-30-2012.jpg?fit=254%2C336&ssl=1)
![[Geojit Comtrade] Daily report on Natural Rubber: October 30, 2012](https://img.globalrubbermarkets.com/2024/08/geojit-comtrade-daily-report-on-natural-rubber-october-30-2012.jpg?resize=254%2C336&ssl=1 "[Geojit Comtrade] Daily report on Natural Rubber: October 30, 2012")
MARKET COMMENTARY
- Sentiments were mixed in the local natural rubber market on Monday. The benchmark November rubber futures in NMCE settled 1.76 per cent lower while in the spot market RSS4 ruled firm. The grade rose marginally despite a weak trend seen in the futures market on apprehensions over supplies. However, muted demand from the tyre sector and weakness in natural rubber prices in the international market capped gains. Higher imports too hurt the sentiments.
- Worries over demand continued to hurt natural rubber prices in the international market. SHFE and TOCOM rubber futures dropped while in AFET prices were swinging between positive and negative territories. Sliding crude oil prices and greater than anticipated decline in Japanese industrial production weighed on amidst bleak economic outlook.
MARKET NEWS
- Rubber inventories in the warehouses monitored by SHFE rose 3.8 per cent to 59793 tonnes in the previous week.
- Tocom October rubber futures expired with only 67 lots being delivered compared to 277 lots delivered in the previous month.
- According to Vietnam’s General Statistics Office, the country’s rubber exports are anticipated to rise 61 per cent to 100000 this month.
- Chinese Academy of Tropical Agricultural Sciences says China plans 14000ha of new rubber planting and replant 10000ha of old rubber trees in next five years.
- According to ANRPC, rubber production among its member countries may increase to its highest level in at least nine years to 11.1 million metric tonnes in 2013.
- NCDEX have introduced changes in packing method for rubber and delivery shall be in 50kg bales packed in polythene sheets
- Natural rubber imports by China remain unchanged on month on month basis. The country imported 210000 tonnes of natural rubber in September. However, on year on year basis, the imports showed a decline of 12.5 per cent.
TECHNICAL VIEW
RUBBER Nov NMCE
Prices continued to remain trapped in 18100-17700 ranges and in the previous session it held the support near lower level of the consolidation range after retreating from day’s high of 18065. Now, a direct fall below 17700 with considerable volume is likely to call for 17500 regions or more. However, 17700 if held could call for a brief pullback towards 17940/18100, but requires breaking above 18300 for further upsides.
Source: Geojit Comtrade
Download this report (full content – PDF file) bellow:
