Geofin Comtrade report on Rubber
Sentiments stayed feeble in local natural rubber market on Thursday. NMCE rubber futures culminated the session in red, barring the expiring January rubber futures on the bourse that ended about 2.5 per cent higher. In the physical market too, RSS4 grade rubber was quoted lower in lackluster trades. In the major overseas market, meanwhile, a mixed trend is being witnessed as the week’s session culminated. On Friday, TOCOM rubber futures resumed to decline while SHFE rubber futures inched up. Strengthening yen weighed on the sentiments as investors are assessing the demand from China ahead of upcoming Chinese New Year holidays. China usually restocks commodities ahead of the New Year holidays. However, reports points towards a lethargic demand from the country.
RUBBER Feb NMCE
Indecisive moves were witnessed in the previous session. Prices are currently hovering near the 50 day SMA of 11932 and sustained trades below the same could see another round of liquidation. However, a direct rise above 12000 ranges will invite some short covering.
SUPPORTS TURNAROUND LEVEL RESISTANCES
11480/11360 12300-11932-11780 12020-12100
11620-11580 12320/12450
11820-11780 12550/12640
