MARKET COMMENTARY
In spite of steep declines in the overseas market, natural rubber prices in the Indian market firmed up on Thursday and is probably poised to end the week’s session in green. Stretching gains, RSS4 in the spot as well as futures market inched higher buoyed by tight supplies. Yet, even as the trend is looking positive for the near term, prospects of increase in imports and decline in consumption are likely to weigh on, restricting sharp gains.
Natural rubber prices in the overseas market took a pause after the recent slump as the week’s session culminates. On Friday, TOCOM rubber futures are seen rebounding after tumbling to its weakest level in nine months, last day. Upbeat economic indicators from the US released yesterday lessened concerns over demand. Gains in equities and weak yen lent support too.
MARKET NEWS
In spite of steep declines in the overseas market, natural rubber prices in the Indian market firmed up on Thursday and is probably poised to end the week’s session in green. Stretching gains, RSS4 in the spot as well as futures market inched higher buoyed by tight supplies. Yet, even as the trend is looking positive for the near term, prospects of increase in imports and decline in consumption are likely to weigh on, restricting sharp gains.
Natural rubber prices in the overseas market took a pause after the recent slump as the week’s session culminates. On Friday, TOCOM rubber futures are seen rebounding after tumbling to its weakest level in nine months, last day. Upbeat economic indicators from the US released yesterday lessened concerns over demand. Gains in equities and weak yen lent support too.
TECHNICAL VIEW
RUBBER July NMCE As long as support at 17170 is held downside, prospects of a rise towards 17500 or even more are still on cards. However, slippage past the same may call for lower corrective move to 17000-16950 ranges, but a reversal in the present positive momentum is seen only on sustained trades below 16850.
TURNAROUND
|
Resistances |
LEVELS |
Supports |
|
17400/17500 |
17500-17170-16850 |
17170/17000 |
|
17650/17800 |
|
16950/16850 |
|
18000-18100 |
|
16600/16500 |
Source: Geojit Comtrade
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