![[Geojit Comtrade] Daily report on Natural Rubber: November 1, 2012](https://img.globalrubbermarkets.com/2024/08/geojit-comtrade-daily-report-on-natural-rubber-october-16-2012.jpg?resize=336%2C252&ssl=1 "[Geojit Comtrade] Daily report on Natural Rubber: November 1, 2012")
MARKET COMMENTARY
- Sentiments stayed weak in the local natural rubber market. On Wednesday, in lacklustre trades, NMCE rubber futures were trading in thin ranges awaiting fresh triggers for further directional moves. Meanwhile in the physical market, RSS4 ruled mostly flat near its lowest level in about two months. While the underlying factors in the market are mostly in favour of bears, firming natural rubber prices in the international market and narrowing gap between quotes prevailing in local and overseas market are expected to support prices as markets eyes the progress of the North-East monsoon.
- Natural rubber is seen extending the previous session gains in the international market on Thursday supported by positive economic numbers from China. Manufacturing PMI in China grew in October reigniting expectations that the economic activity will pick up in the last quarter of the year.
MARKET NEWS
- Official Chinese manufacturing PMI rise to 50.2 in October from 49.8 in September probably indicating that the world’s second largest economy is perking up.
- Ivory Coast’s natural rubber exports increased 15 per cent to 199277 tonnes in Jan-Sep period on YoY basis.
- 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
TECHNICAL VIEW
RUBBER Nov NMCE
A lacklustre move in a narrow range of 17838-17700 was seen in the previous session. While the sentiments stays inclined to a negative side, pullbacks towards 17960/18100 cannot be ruled out before resuming its downside moves. However, successful moves to breach 18300 regions convincingly could see some positive moves. A direct fall below 17570 may see further liquidation towards 17400 or more to 17240-17160.
Source: Geojit Comtrade
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