The commodity is expected to trade in the range of 17600-18900 this week. If commodity trades above 18900 level with good volume then the futures is expected test the next resistance level of 19400 in the near term.
KOCHI (Commodity Online): Rubber futures for September delivery on India’s National Multi Commodity Exchange (NMCE) is expected to trade sideways to bullish this week (from August 05).
“The commodity is expected to trade in the range of 17600-18900 this week. If commodity trades above 18900 level with good volume then the futures is expected test the next resistance level of 19400 in the near term,” said Milan Shah, Research Analyst at Commodity Online.
Strong spot market trends with a fewer sellers supported future prices to certain extent in the las week. Natural rubber prices at Kottayam spot market ruled at 194.5 per kilogram on Friday.
Persisting good rains were seen supporting the commodity prices in both spot and futures market to certain extent last week. Due to excess rains rubber trees remained untapped in Kerala, the largest rubber producer in the country.
In June 2013, India’s rubber production touched 38,000 tons, lower when compared to 54,000 tons estimated earlier. The total rubber stocks at the end of June stood at 1.8 lakh tons from 2.25 lakh tons estimated earlier, as per the data released by the Rubber Board
Source: Commodityonline
