Geofin Comtrade report on Rubber
Positive moves are being witnessed in natural rubber in the international market. On Thursday, the commodity is seen stretching gains tracking a rebound in crude oil and other industrial commodities. TOCOM rubber futures inched higher to a one month high. Weakening yen too lend support. In the mean time, RSS4 in the Indian market had ended the session in green on Wednesday. In the physical market, the grade was quoted higher around Rs.115 a kg while on NMCE, the benchmark January rubber futures ended more than two per cent up. Even as subdued demand and higher imports weighed on overall market sentiments, decline in domestic natural rubber production, up-moves in the overseas market along with narrowing spread between natural rubber prices in the major international market buoyed prices. Also, trades are looking forwards to the meeting convened by the Kerala Chief Minister with the major tyre companies
RUBBER Jan NMCE
With a close above 11560, sentiments has improved and as long as this level holds downside, the buying momentum being witnessed could extend to 11650 or more to 11850. Even in this positive scenario, dips to 11480 cannot be ruled out. However slippage past 11300 will again induce weakness
SUPPORTS TURNAROUND LEVEL RESISTANCES
11050/10900 11850-11300 11650/11760
11260/11100 11850-11920
11480/11300 12050-12120
