KOTTAYAM, INDIA (Commodity Online): Rubber prices that recovered to Rs 15500 per 100 kg levels last month only to slip back to Rs 14950 levels again.
With Kerala launching the rubber procurement at Rs 2 above market price fixed by the Rubber Board, market is hopeful of prices again rebounding to Rs 16000 levels.
K M Mani, Kerala Finance Ministry launching the scheme on Monday said that the rubber crisis was the result of unnecessary import of rubber.
He pointed out that 2.60 lakh tons were imported at a time when market had sufficient stock sof 2.66 lakh ton thereby creating a huge surplus. Among the agencies involved in procurement in Keralal are Kerala State Marketing Federation (Marketfed) and Kerala State Co-operative Rubber Marketing Federation (Rubbermark).
On daily charts, Rubber futures at National Multi Commodity Exchange (NMCE) is showing negative trends, according to Milan Shah, Agri Commodities analyst at Commodity Online Group.
Support for April contract at 14800, Resistance at 15650; trading below 14800 more down side expected till 14200.
-According to Vietnam’s General Statistics Office, the nation shipped 65000 tonnes of rubber in January and February exports are seen at 45000 tonnes.
-Global demand for natural rubber seen growing by 5.3 per cent to 11.9 million tonnes -IRSG
-China’s natural rubber imports in 2014 seen at 4.26 million tonnes versus 3.85 million tonnes year ago- ANRPC
Commodity Online
