MUMBAI (Rubber Country): Rubber prices at India’s National Multi Commodity Exchange (NMCE) witnessed buying at lower levels. Rubber for August delivery is now trading around Rs 18,225-18,440 per qtl levels.
On Tuesday trade, August rubber rose to a high of 18,440 Rs/qtl as of 01.46 P.M IST and is expected to trade positive in near term. Support is now seen at 18200, 18000 levels and resistance at 18480 & 18530, analyst said.
Spot markets declined on low rainfall activities and high arrivals. In Kottayam spot, rubber prices were quoted Rs 174 per kg on Monday.
Indian Rupee has appreciated by 1.49% to 59.02 capped further gains in rubber futures. Stimulus measure by Reserve Bank of India supported rupee movements.
Strength in Indian rupee may cap further fall in rubber futures. We expect NMCE natural rubber futures to trade positive note.
