MUMBAI (Rubber Country): Rubber prices at India’s National Multi Commodity Exchange (NMCE) witnessed a bullish phenomenon. Rubber for August delivery is now trading around Rs 18575-18925 per qtl levels.
On Monday trade, August rubber rose to a high of 18,925 Rs/qtl as of 11.32 A.M IST and is expected to trade positive in near term. Support is now seen at 18800, 18700 levels and resistance at 19100 & 19270, analyst said.
Spot markets remained steady at higher levels. In Kottayam spot, rubber prices were quoted Rs 170 per kg on Saturday. High rainfall activities at Kerala coast impacted future prices.
Indian Rupee has depreciated by 0.18% to 61.096 against dollar. High demand from banks and oil importers reflected rupee movements.
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Indian forex reserves data released on Friday remained neutral at 284.65B and decline in U.S Unemployment Rate also reflected prices.
Decline in rupee may witness further uptrend in rubber futures. We expect NMCE natural rubber futures to trade positive note.
Source: Rubber Country
