![[Geojit Comtrade] Daily report on Natural Rubber: October 18, 2012](https://img.globalrubbermarkets.com/2024/08/geojit-comtrade-daily-report-on-natural-rubber-october-18-2012.jpg?fit=336%2C252&ssl=1)
![[Geojit Comtrade] Daily report on Natural Rubber: October 18, 2012](https://img.globalrubbermarkets.com/2024/08/geojit-comtrade-daily-report-on-natural-rubber-october-18-2012.jpg?resize=336%2C252&ssl=1 "[Geojit Comtrade] Daily report on Natural Rubber: October 18, 2012")
MARKET COMMENTARY
- Stretching the previous session gains natural rubber rose on Wednesday. RSS4 in the spot market was off four week low that it tested towards the start of the week. NMCE rubber futures advanced, gaining more than one per cent probably on fresh buying and short covering. Firming natural rubber prices in the international market supported the sentiments. Moreover, it is observed that the difference in quotes between RSS4 and Bangkok RSS3 have lessened with the recent decline in local market though Malaysian SMR 20 prices continued to be on a huge discount.
- Natural rubber is seen rising in the international market on Thursday in tandem with equities after Chinese GDP data was in line with forecast and industrial production rose more than anticipated. Upbeat housing sector data also augmented the sentiments lessening growth worries.
MARKET NEWS
- Chinese economy growth slows down for the seventh consecutive quarter. Third quarter GDP rise 7.4 per cent as anticipated and industrial production increase 9.2 per cent against the estimates of 9.0 per cent in September.
- Chinese Academy of Tropical Agricultural Sciences says China plans 14000ha of new rubber planting and replant 10000ha of old rubber trees in next five years.
- According to ANRPC, rubber production among its member countries may increase to its highest level in at least nine years to 11.1 million metric tonnes in 2013.
- NCDEX have introduced changes in packing method for rubber and delivery shall be in 50kg bales packed with polythene sheets
- 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.
TECHNICAL VIEW
RUBBER Nov NMCE
Even as 18300 were breached in the previous session, prices held near 18495. For the day, prices are likely to continue its upward momentum towards 18700-18800 regions once its clears the immediate resistance of 18560. However, continuation of the ensuing buying momentum will depend on the ability to move past 18800. Alternatively, slippage past 18160 is likely to call for a dip lower towards the recent low or more.
Source: Geojit Comtrade
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