By John Godson
MUMBAI (Rubber Country): Rubber prices at India’s National Multi Commodity Exchange (NMCE) witnessed a neutral phenomenon. Rubber for July delivery is now trading around Rs 17290-17390 per qtl levels.
Natural rubber inventories in the warehouses monitored by SHFE rose by 48 tons to 114556 tons last week.
On Monday trade, July rubber rose to a high of 17390 Rs/qtl at 02.27 P.M IST and is expected to trade range bound in near term. Support is now seen at 17150, 17100 levels and resistance at 17450 & 17500, analyst said.
Indian Rupee has appreciated by 0.83% to 59.76 as the U.S. signaled it is prepared to phase out a stimulus program that contributed to inflows.
Natural rubber prices stay on worries over demand from the top consumer China. TOCOM rubber futures plunged to nine month low, shedding more than three per cent. We expect NMCE Rubber futures to trade neutral.
Source: Commodity Online
