MUMBAI (Rubber Country): Rubber prices at India’s National Multi Commodity Exchange (NMCE) witnessed a positive phenomenon. Rubber for immediate delivery is now trading around Rs 19,050-19,418 per qtl levels.
Strong spot markets supported future prices. In Kottayam spot, RSS4 rubber prices were quoted Rs 194.5 per kg on Thursday and ungraded traded around Rs 180 per kg.
On Friday trade, August rubber rose to a high of 19,418 Rs/qtl as of 03.16 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.
Indian Rupee is steady at 58.885 also supported Indian futures trading. Stimulus measure by Reserve Bank of India and weak index supported rupee movements.
High rainfall activities and low production estimates may put pressure on rubber futures. We expect NMCE natural rubber to trade with bullish bias.
Source: Rubber Country
