![[Geojit Comtrade] Daily report on Natural Rubber: October 17, 2012](https://img.globalrubbermarkets.com/2024/08/geojit-comtrade-daily-report-on-natural-rubber-october-17-2012.jpg?fit=336%2C276&ssl=1)
![[Geojit Comtrade] Daily report on Natural Rubber: October 17, 2012](https://img.globalrubbermarkets.com/2024/08/geojit-comtrade-daily-report-on-natural-rubber-october-17-2012.jpg?resize=336%2C276&ssl=1 "[Geojit Comtrade] Daily report on Natural Rubber: October 17, 2012")
MARKET COMMENTARY
- Sentiments were mixed in the domestic natural rubber market. On Tuesday, RSS4 traded mostly firm in the spot as well as futures market while latex (drc60%) continued to slide down. RSS4 in the physical market ticked up from four week low while in NMCE, November rubber futures inched up, stretching the bounce back from its five week lows. However, the gains remained capped owing to weak market fundamentals.
- On Wednesday, natural rubber in the international market threw mixed signals. Worries over demand from China continue to weigh on the sentiments. Also, investors were awaiting a slew of economic data releases from China to gauge the prospects of demand from the top natural rubber consumer. However, gains in other industrial commodities and shares supported. TOCOM and SHFE rubber futures moved mostly steady while AFET rubber futures dipped after opening
MARKET NEWS
- According to Indian Meteorological Department, North-East monsoons are likely to commence over peninsular India by Friday. ⊳Natural rubber imports by China remain unchanged on month on month basis. The country imported 210000 tonnes of natural rubber in September. However, on year on year basis, the imports showed a decline of 12.5 per cent.
- According to Rubber Board, natural rubber production in India rose 2.2 per cent in September to 82000 tonnes while consumption increased by 8.9 per cent to 81500 on YOY basis. Imports surged 16 per cent to 14779 tonnes.
- Natural rubber production in Malaysia dropped 14.9 per cent in August to 72428 tonnes on MoM basis. A decline of 22.4 per cent in exports was recorded during the same period on a year on year basis.
- The International Rubber Research and Development Board (IRRDB) is conducting its Annual Meetings 2012 and 10th International Rubber Conference at Kovalam, Kerala from 29 to 31 October 2012.
TECHNICAL VIEW
RUBBER Nov NMCE
The bounce back from 17900 was held near 18300 in the previous session. Now, it requires sustaining above the same to stretch the momentum towards 18560 or more to 18700-18800 regions. However, inability to clear 18300/18560 may call for a dip lower and such fall extending beyond 17900 could induce further weakness.
Source: Geojit Comtrade
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