![[Geojit Comtrade] Daily report on Natural Rubber: November 5, 2012](https://img.globalrubbermarkets.com/2024/08/geojit-comtrade-daily-report-on-natural-rubber-november-5-2012.jpg?fit=336%2C261&ssl=1)
![[Geojit Comtrade] Daily report on Natural Rubber: November 5, 2012](https://img.globalrubbermarkets.com/2024/08/geojit-comtrade-daily-report-on-natural-rubber-november-5-2012.jpg?resize=336%2C261&ssl=1 "[Geojit Comtrade] Daily report on Natural Rubber: November 5, 2012")
MARKET COMMENTARY
- In the week gone by, natural rubber tread water in the local market. The market tones stayed sluggish and in the spot market prices were hovering near its lowest in two months. In the mean time, NMCE rubber futures were trapped in thin ranges, awaiting fresh cues for further directional moves. The underlying fundamentals stayed weak. Demand remained muted while domestic production is seen rising. High imports and declining natural rubber prices in the international market too hurt sentiments.
- On Monday, natural rubber in the overseas markets was seen sliding as investors turned cautious ahead of the US Presidential election. TOCOM and SHFE rubber futures dropped sharply, shedding around three per cent. Decline in other industrial commodities and concerns over demand from China too weighed on the sentiments.
MARKET NEWS
- According to International Rubber Study Group, India’s demand for both synthetic and natural rubber is expected to rise to 2.7 million tonnes by 2021.
- Rubber inventories in the warehouses monitored by SHFE rose 5.3 per cent to 62965 tonnes in the previous week.
- According to Rubber Trade Association of Japan, crude rubber inventories at the Japanese ports increased to 6244 tonnes as of October 20 after falling to its two-year low in early October.
- Official Chinese manufacturing PMI rose 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.
TECHNICAL VIEW
RUBBER Dec NMCE
Prices are currently hovering near the upper end of the falling trend line and require breaking and sustaining for a raise towards 18060- 18200 regions. Unsuccessful moves to clear the same may call for a dip lower probably towards 17700-17580. Fall past 17580 with considerable volume may induce further weakness.
Source: Geojit Comtrade
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