MUMBAI (Rubber Country): Rubber prices at India’s National Multi Commodity Exchange (NMCE) witnessed selling at higher levels. Rubber for immediate delivery is now trading around Rs 19,210-19,610 per qtl levels.
On Tuesday trade, August rubber rose to a high of 19,610 Rs/qtl as of 01.36 P.M IST and is expected to trade negative in near term. Support is now seen at 19200, 19050 levels and resistance at 19580 & 19630, analyst said.
High spot markets capped further loss in rubber futures. In Kottayam spot, rubber prices were quoted Rs 181 per kg on Monday.
Indian Rupee has appreciated by 0.60% to 59.706 also supported Indian futures trading. Stimulus measure by Reserve Bank of India supported rupee movements.
Source: Rubber Country
