On Monday trade, September rubber rose to a high of 18,580 Rs/qtl as of 10.46 a.m Indian time and is expected to trade sideways to positive due to global demand. Support is now seen at 18250, 18200 levels and resistance at 18710 & 18800, analyst said.
MUMBAI (Commodity Online): Rubber prices at India’s National Multi Commodity Exchange (NMCE) witnessed a positive phenomenon. Rubber for September delivery was trading around Rs 18,509-18,580 per quintal.
On Monday trade, September rubber rose to a high of 18,580 Rs/qtl as of 10.46 a.m Indian time and is expected to trade sideways to positive due to global demand. Support is now seen at 18250, 18200 levels and resistance at 18710 & 18800, analyst said.
Persisting rainfall activities at rubber growing areas coupled with strong spot markets amid fewer sellers’ impacted future prices. In Kottayam spot, RSS4 rubber prices were quoted at Rs 196 per kg and ungraded traded around Rs 182 per kg on Thursday.
Indian Rupee is now trading with a loss of 0.09% at 60.73/60.74. Reports on that RBI will auction 220 billion rupees of government cash management bills every week, without specifying for how many weeks the sales would last impacted rupee movements.
At Japan’s Tokyo Commodity Exchange (TOCOM), January rubber was trading up at 261.8 yen per kg or up by 1.7 yen as of 02.17 pm Japan time. Weakness in yen coupled with decline in Nikkei and Asian stocks impacted TOCOM rubber prices.
Positive reports from car manufacturers and tire companies may support future prices. We expect NMCE natural rubber to trade positive.
Source: Commodity Online
