![[Geojit Comtrade] Daily report on Natural Rubber: November 14, 2012](https://img.globalrubbermarkets.com/2024/08/geojit-comtrade-daily-report-on-natural-rubber-november-14-2012.jpg?fit=336%2C252&ssl=1)
![[Geojit Comtrade] Daily report on Natural Rubber: November 14, 2012](https://img.globalrubbermarkets.com/2024/08/geojit-comtrade-daily-report-on-natural-rubber-november-14-2012.jpg?resize=336%2C252&ssl=1 "[Geojit Comtrade] Daily report on Natural Rubber: November 14, 2012")
MARKET COMMENTARY
- In a lacklustre trade, NMCE rubber futures dipped in the ‘Muhurat’ trading session on Tuesday. With the nation celebrating Diwali, activities in the ready market remained dull. Underlying sentiments stayed on the weaker side. Even as consumption is seen rising, higher imports and feeble natural rubber prices in the international market continue to cap gains in the local market despite a dip in natural rubber production. According to sources, sporadic rains in the major rubber growing regions in Kerala are disrupting tapping.
- Natural rubber prices are seen inching up in the overseas market on Wednesday after falling in the previous session. TOCOM rubber futures edged up after hitting a two month low the previous session tracking equities. Concerns over supply, owing to heavy rains in Thailand supported the sentiments.
TECHNICAL VIEW
- Vietnam is likely to be among the top three natural rubber exporters in 2012, surpassing Malaysia, according to ANRPC.
- According to Rubber Trade Association of Japan, crude Rubber inventories at the Japanese ports dropped to 5833 tonnes by October 31st from 6244 tonnes on October 20, 2012.
- Thailand, Indonesia, Malaysia began reducing exports of natural rubber on Oct. 1, and plan to cut overseas sales by 180,000 tons this qtr, says Yium Tavarolit, chief secretary of the International Rubber Consortium.
- According to Association of Natural Rubber Producing Countries, Malaysia slashed the production forecast for 2012 by 50000 tonnes to 950000 tonnes. Meanwhile, China’s consumption is seen at 3.77 million tonnes from the earlier estimates of 3.69 million tonnes.
- According to Indonesia’s Deputy Farm Minister, International Tripartite Rubber Council will meet in mid-December to discuss market development and supply management.
- China’s natural rubber imports dropped 19 per cent on MoM basis to 170000 tonnes in October from 210000 tonnes the previous month.
TECHNICAL VIEW
RUBBER Dec NMCE
Prices were held near the falling trend channel resistance and witnessed a correction in the previous session. 17650 pose to be the immediate resistance which if cleared could see a rise to 17800- 17900 regions. Inability to move past 17650 will call for a turn lower towards 17300-17200 levels and slippage past 17100 with considerable volume could strengthen the prevailing weakness.
Source: Geojit Comtrade
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