MUMBAI (Rubber Country): Rubber prices at India’s National Multi Commodity Exchange (NMCE) witnessed a range bound phenomenon. Rubber for August delivery is now trading around Rs 18085-18499 per qtl levels.
On Thursday trade, August rubber rose to a high of 18499 Rs/qtl as of 02.50 P.M IST and is expected to trade neutral in near term. Support is now seen at 18050, 18000 levels and resistance at 18500 & 18550, analyst said.
Indian Rupee has depreciated by 0.13% to 60.3 against dollar at higher levels impacted rupee movements. Weakness Indian Rupee may put further pressure on rubber futures.
The Indian HSBC Services PMI remained neutral with reading at 51.7. The forecast impacted Indian economy, hence rubber futures.
Including rubber in the Commodity Transaction Tax (CCT) may impact future commodity prices. We expect NMCE natural rubber futures to trade neutral note.
Source: Rubber Country
