![[Geojit Comtrade] Daily report on Natural Rubber: October 31, 2012](https://img.globalrubbermarkets.com/2024/08/geojit-comtrade-daily-report-on-natural-rubber-october-31-2012.jpg?fit=223%2C336&ssl=1)
![[Geojit Comtrade] Daily report on Natural Rubber: October 31, 2012](https://img.globalrubbermarkets.com/2024/08/geojit-comtrade-daily-report-on-natural-rubber-october-31-2012.jpg?resize=223%2C336&ssl=1 "[Geojit Comtrade] Daily report on Natural Rubber: October 31, 2012")
MARKET COMMENTARY
- RSS4 in the physical market turned weak on Tuesday underpinned by subdued demand from the tyre sector amidst peak production period and higher imports. Prices slipped to its weakest in nearly two months. Bearish moves in natural rubber prices in the international market weighed on the sentiments too. However, with prices declining in the local market, the gap between local and overseas prices have narrowed down considerably, even though Indian grade still continued to be on a premium. In the mean time, NMCE rubber futures pared its morning session losses and culminated the day’s trade a tad up. Yet, the underlying sentiments stayed on the weaker side.
- A mixed trend is being witnessed in natural rubber prices in the international market on Wednesday. AFET rubber futures erased initial gains and turned lower while TOCOM and SHFE rubber futures rebound tracking gains in equities and other commodities.
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
The slippage past 17700 in the previous session was held near the support of 17570 and a bounce back was seen from there of. Even as the sentiments stay on the weaker side, for the day, pullbacks towards 17960-18100 may be witnessed as prices held the lower trend line support. However, it requires breaking 18300 regions convincingly to diminish the negative bias. Else, prices may succumb to higher level selling. Resistances
Source: Geojit Comtrade
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