On Tuesday trade, September rubber rose to a high of 18,515 Rs/qtl as of 11.50 a.m Indian time and is expected to trade positive in near term. Support is now seen at 18200, 18050 levels and resistance at 18850 & 18900, analyst said.
MUMBAI (Commodity Online): Rubber prices at India’s National Multi Commodity Exchange (NMCE) witnessed a positive phenomenon. Rubber for September delivery was trading around Rs 18,401-18,515 per quintal.
On Tuesday trade, September rubber rose to a high of 18,515 Rs/qtl as of 11.50 a.m Indian time and is expected to trade positive in near term. Support is now seen at 18200, 18050 levels and resistance at 18850 & 18900, analyst said.
High rainfall activities at Kerala coupled with strong spot markets amid fewer sellers impacted future prices. In Kottayam spot, RSS4 rubber prices were quoted at Rs 196 per kg and ungraded traded around Rs 181 per kg on Monday.
Indian Rupee slips to 61.6 capped losses in futures trading. High dollar demand from oil importers and Banks impacted rupee movements.
At Japan’s Tokyo Commodity Exchange (TOCOM), January rubber was trading up at 245.8 yen per kg as of 03.27 pm Japan time. Weaker Yen coupled with fall in Nikkei index impacted TOCOM rubber prices.
Persisting monsoon rainfall at Kerala coast may support current prices. Low arrivals at spot markets may witness slight uptrend in near term. We expect NMCE natural rubber to trade positive for the day.
Source: Commodity Online
