MUMBAI (Rubber Country): Rubber prices at India’s National Multi Commodity Exchange (NMCE) were down by 1.01%. Rubber for August delivery is now trading around Rs 18,211-18,475 per qtl levels.
On Monday 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 18200, 18000 levels and resistance at 18400 & 18500, analyst said.
Spot markets remained steady on high rainfall activities around Kerala coast. In Kottayam spot, rubber prices were quoted Rs 176 per kg on Friday.
Indian Rupee has depreciated by 0.01% to 59.89 set pressure on rubber futures. The gains were driven by large unwinding of long-dollar trades in futures and spot market.
National Bureau of Statistics of China stated that Chinese GDP fell to an annual rate of 7.5%, from 7.7% and Chinese industrial production falls more than expected, in the preceding month.
Weakness in Indian rupee witnessed further fall in rubber futures. We expect NMCE natural rubber futures to trade negative note.
Source: Rubber Country
