On Monday trade, September rubber rose to a high of 18,065 Rs/qtl as of 11.50 a.m Indian time and is expected to trade positive in near term. Support is now seen at 18000, 17950 levels and resistance at 18150 & 18200, analyst said.
MUMBAI (Commodity Online): Rubber prices at India’s National Multi Commodity Exchange (NMCE) witnessed short covering at lower levels. Rubber for September delivery was trading around Rs 17,911-18,065 per quintal.
On Monday trade, September rubber rose to a high of 18,065 Rs/qtl as of 11.50 a.m Indian time and is expected to trade positive in near term. Support is now seen at 18000, 17950 levels and resistance at 18150 & 18200, analyst said.
In Kottayam spot, RSS4 rubber prices were quoted at Rs 195 per kg and ungraded traded around Rs 179 per kg on Saturday.
Indian Rupee crashed to 62.46 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 267.8 yen per kg as of 03.58 pm Japan time. Weaker Yen coupled with fall in Nikkei index impacted TOCOM rubber prices.
South East Asian nation Thailand has reportedly entered recession as the country has cut growth forecast. GDP of Thailand shrank 0.3% in the 3 months through June q/q the National Economic and Social Development Board said in Bangkok on Monday.
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
