- Natural rubber traded mostly steady to negative in the Indianmarket on Monday. In choppy trades, NMCE rubber futures endeddown around one per cent, while in the spot market RSS4 grademoved mostly steady with a negative bias. Lackluster demand fromthe tyre manufacturers amidst gloomy economic outlook weighed onthe over all market sentiments.
- In the international scenario, natural rubber threw mixed signalson Tuesday. Tocom rubber futures edged while Shanghai and AFETrubber futures inched up. Worries over worsening Euro Zone debtcrisis and flagging economic growth in US and China weighed on thesentiments. Skepticism prevailed in the market that EU summit laterthis week was unlikely to produce any fruitful progress to containthe region’s debt crisis.
- Vietnam’s rubber exports in June is 70000 metric tonnesaccording to an estimate from Ministry of Agriculture and RuralDevelopment.
- Tocom June rubber futures expired with 1310 tonnes or 262 lotsbeing delivered compared to 269 lots in May.
- According to Rubber Board Chairman, natural rubber imports byIndia is likely to fall by 27 per cent to 150000 tonnes in the yearending March 2013.
- According to Indonesian Rubber Association, rubber output andexports from Indonesia are expected to fall by as much as 10 percent.
- With a sharp drop in natural rubber prices, tyre major Bridgestonewas seen chasing Indonesian tyre grades for nearby shipments whileChina showed renewed interest.
- Tripura, the second largest natural rubber producer in India, isplanning to expand its area under rubber cultivation to nearly onelakh hectare. Meanwhile, AIRIA has sought Center’s assistance toallocate land in North-eastern region for rubber cultivation.
RUBBER nmce Jul
Even though the slippage past 18500 during the previous sessionfailed to trigger a sharp sell off, the broad negative trend is intactand is likely to continue its downside towards 18360-18200 regionor more. However, a rise above 18670 may lift prices towards18800-18900 levels.
Source: Geojit Comtrade
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