On Friday trade, September rubber rose to a high of 18,550 Rs/qtl as of 11.41 a.m Indian time and is expected to trade negative in near term. Support is now seen at 18150, 18050 levels and resistance at 18690 & 18710, analyst said.
MUMBAI (Commodity Online): Rubber prices at India’s National Multi Commodity Exchange (NMCE) witnessed profit booking at higher levels. Rubber for immediate delivery was trading around Rs 18,215-18,550 per quintal.
On Friday trade, September rubber rose to a high of 18,550 Rs/qtl as of 11.41 a.m Indian time and is expected to trade negative in near term. Support is now seen at 18150, 18050 levels and resistance at 18690 & 18710, analyst said.
India‘s natural rubber production tumbled 32.4 per cent in July to 46k tonnes with consumption retreating to 3.75% to 82.5k tons y-o-y. Imports jumped 39.2% to 29.3k tonnes during the same period.
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In Kottayam spot, RSS4 rubber prices were quoted at Rs 196 per kg and ungraded traded around Rs 182 per kg on Wednesday. Spot markets were closed on Thursday on behalf of independance day.
At Japan’s Tokyo Commodity Exchange (TOCOM), January rubber was trading at 264.6 yen per kg as of 03.31 pm Japan time. Strength in yen and Nikkei trading up impacted TOCOM futures.
Low production and consumption due to heavy rainfall at rubber growing areas impacted india rubber futures. We expect NMCE natural rubber to trade bearish for the day.
Source: Commodity Online
