By John Godson
India’s NMCE Rubber prices are trading in a partially mixed trend. NMCE Rubber is trading around 15450-15600 Rs/kg levels.
Slower growth in car sales in India is not supportive of natural rubber prices. On Thursday trade, Rubber February contract rose to a high of 15600 Rs/kg and is expected to trade in sideways trend. Support is now seen at Rs 15484, 15392 levels and resistance at 15634 & 15692, analysts said.
However, in December 2012, overall sales grew only marginally by 2.77% has made the market decline from 18500 to 15500 levels during November to December 2012.
Fewer supplies from Thailand and Indonesia may positively impact Indian market as it could lead to price gains on account of lower imports. Rubber industries have appealed to the government to lower customs duty on rubber imports from 20% to 7.5% to counter increased raw materials costs faced by the industry.
Source: commodityonline.com
