MUMBAI (Rubber Country): Rubber prices at India’s National Multi Commodity Exchange (NMCE) witnessed a bearish phenomenon. Rubber for immediate delivery is now trading around Rs 19,000-19,225 per qtl levels.
Strong spot markets capped further losses in future prices. In Kottayam spot, RSS4 rubber prices were quoted Rs 195 per kg on Friday and ungraded traded around Rs 180 per kg.
On Monday trade, August rubber rose to a high of 19,225 Rs/qtl as of 12.45 P.M IST and is expected to trade negative in near term. Support is now seen at 19000, 18900 levels and resistance at 19320 & 19390, analyst said.
Indian Rupee is steady at 59.23 impacted Indian futures trading. Reserve Bank of India’s rate review on rupee may impact rubber futures.
Aggressive sell off and profit taking also impacted rubber futures. High production and stocks at Thailand may put pressure on prices. We expect NMCE natural rubber to trade with bearish bias.
Source: Rubber Country
