By John Godson
Rubber prices at India’s National Multi Commodity Exchange (NMCE) witnessed a neutral phenomenon. Rubber for July delivery is now trading around Rs 17250-17320 per qtl levels.
Natural rubber prices in the overseas market on Thursday were negative after Chinese manufacturing PMI dropped to its weakest level since last September. Natural rubber production in India rose 1.7 per cent to 59000 tons.
On Thursday trade, July rubber rose to a high of 17320 Rs/qtl at 11.54 P.M IST and is expected to trade in a consolidation phase. Support is now seen at 17100, 17050 levels and resistance at 17380 & 17420, analyst said.
Indian Rupee has collapsed to 59.92 against dollar. Fall in demand for Indian Rupee and rise in demand for dollar has impacted currency futures.
We expect NMCE Rubber futures to trade on consolidated phase around 17200-17300 range.
Source: Commodity Online
