MUMBAI (Rubber Country): Rubber prices at India’s National Multi Commodity Exchange (NMCE) were down by 2.38%. Rubber for August delivery is now trading around Rs 18,350-18,890 per qtl levels.
On Friday trade, August rubber rose to a high of 18,890 Rs/qtl as of 03.16 P.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 gained on increasing demand from investors. In Kottayam spot, rubber prices were quoted Rs 176 per kg on Thursday. High rainfall activities at Kerala coast are impacting future prices.
Indian Rupee has appreciated by 0.34% to 60.03 set pressure on rubber futures. The gains were driven by large unwinding of long-dollar trades in futures and spot market.
Industrial production in the euro zone fell more-than-expected last month, official data showed on Thursday. Eurostat stated that Euro zone industrial production fell to a seasonally adjusted -0.3%, from 0.5% in the preceding month whose figure was revised up from 0.4%.
Strength in Indian rupee capped further fall in rubber futures. We expect NMCE natural rubber futures to trade negative note.
Source: Rubber Country
