![[Geojit Comtrade] Daily report on Natural Rubber: October 10, 2014](https://img.globalrubbermarkets.com/2024/08/geojit-comtrade-daily-report-on-natural-rubber-october-10-2014.png?fit=840%2C458&ssl=1)
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MARKET COMMENTARY
⊳ Stretching gains, RSS4 in the Indian market gained for the third day yesterday. NMCE rubber futures crawled higher, ending nearly one per cent high while in the physical market, the grade was quoted higher around Rs.123 a kg. Sentiments improved tracking firm moves in the international market amidst poor meagre supplies. However, concerns over demand restricted further advances.
⊳ As the week’s session culminates, natural rubber in the overseas market are seen declining. TOCOM rubber futures are down about one per cent and so are SHFE and AFET rubber futures. Overall market sentiments is feeble on worries over global economic growth and steep slide in crude oil prices pressurized natural rubber prices to move down.
MARKET NEWS
⊳ The seventh Annual Rubber Conference of ANRPC to be held in Kuala Lumpur in Malaysia on 13 October 2014.
⊳ Growers ask govt. and exporters to take steps to boost prices of rubber sheet to 80 baht/kg in 45 days, says Perk Lertwangpong, head of the Rubber Holders Cooperatives Federation of Thailand.
⊳ The Vietnam Rubber Association “strongly” advises members not to sell commodity below $1,500/mt, the International Rubber Consortium says on website.
⊳ Top natural rubber producers Thailand, Indonesia and Malaysia is expected to meet next week in Malaysia to seek measures to prop up prices.
⊳ ANRPC says natural rubber production among its member countries to rise 0.1 per cent in 2014 to 11.18 million tonnes.
⊳ Rubber exports from Thailand declined 1.5 per cent to 259674 tonnes in August on YoY basis.
⊳ Indonesian Rubber Association is seeking to put a floor under prices at $1.5 a kg and has written and sent circulars to its members not to sell rubber is prices plunges below the same.
⊳ India’s Commerce Minister promises to address the problems faced by the rubber growers including imports of natural rubber and added that National Policy on Rubber will be formulated soon.
![[Geojit Comtrade] Daily report on Natural Rubber: October 10, 2014](https://img.globalrubbermarkets.com/2024/08/geojit-comtrade-daily-report-on-natural-rubber-october-10-2014.png?resize=840%2C458&ssl=1 "[Geojit Comtrade] Daily report on Natural Rubber: October 10, 2014")
TECHNICAL VIEW
RUBBER Nov NMCE
Following the previous session rise, it is mandatory to break and sustain above 12300 to continue the prevailing buying sentiments to continue towards 12500 ranges or more. Inability to do so could call for a fall to 12000-11950 or even more.
TURNAROUND
| Resistances | LEVELS | Supports |
| 12230-12300 | 12300-11950 | 12050/11950 |
| 12460/12550 | 11850/11750 | |
| 12650-12720 | 11650-11580 |
Source: Geojit Comtrade
Download this report (full content – PDF file) here
