Geofin Comtrade report on Rubber
Trend stayed bearish in the local as well as in the international market last week. In the local physical market, RSS4 grade rubber was quoted around Rs.118 a kg, while in the futures segment, it posted a monthly loss of about six per cent. Jaded demand from the tire sector as well as weak trend witnessed in the overseas market continued to hammer down prices. In the overseas market, even as the market is entering the lean production phase due to wintering in the major rubber producing countries, subdued demand from the top consumer China and weak global economic outlook weighed on overall market sentiments. In the mean time, the commodity is seen rising on Monday in the major overseas market. TOCOM rubber futures rose nearly two per cent supported by week end gains in crude oil prices though weak manufacturing PMI data from China restricted gains.
RUBBER Mar NMCE
Despite beaching the strong support of 11900 a mild pullback was seen in the last session. However, it requires clearing 12100 ranges upside for an extension of such up moves to 12300 ranges. Inability to clear 12300 or a direct fall below 11900 with volumes could drag prices lower.
SUPPORTS TURNAROUND LEVEL RESISTANCES
11490/11350 12400-11900 12140/12260
11700/11580 12300/12400
11900/11830 12550/12640
