- RSS4 in the Indian market was hovering near its weakest levels since mid-October 2012 on Thursday. NMCE rubber futures culminated the previous trading session almost flat after a brief pullback, while in the physical market prices ruled flat near Rs.183.50 a kg. Worries over demand and higher imports amid rising natural rubber production are likely to carry on pressurizing prices. Moreover, the Southwest monsoons being weak over Kerala will aid the tapping to progress unhindered.
- On Friday, in the international market, natural rubber prices traded mostly steady with a negative bias. Sentiments were mixed. While worries over demand on weak global economic outlook continued to weigh on the market, rise in crude oil prices provided lower level support.
- Maruti Suzuki’s car manufacturing facility in Manesar, Haryana closed owing to labour unrest.
- Cambodia’s rubber latex exports rose five per cent to 22615 tonnes in the first six month of 2012 on a year on year basis.
- Indonesia is planning to set aside about $530 million to revitalise the state-owned rubber plantations.
- Thailand plans to double the budget for rubber purchases to 30 billion baht ($951 million) according to its Deputy Farm Minister.
- China’s GDP for the second quarter of 2012 recorded a growth of 7.6 per cent; it’s slowest in three years. Industrial production in June falls to 9.5 per cent from 9.6 per cent the previous month.
- According to Malaysian Rubber Export Promotion Council, export of rubber products from the country is expected to grow 10 per cent.
- Pirelli plans to build a tyre factory worth $126 million in Indonesia.
- According to International Rubber Study Group, global natural rubber consumption is likely to expand less than previously forecast this year owing to economic slowdown in China and Euro Zone debt crisis.
RUBBER Aug NMCE
The pullback seen in the previous session was restricted near the resistance of 18140. Choppy trades in 17900-18140 ranges with negative bias may be seen for the day. However, slippage past 17850 with considerable volume may drag prices further lower towards 17600 region.
Alternatively, successful attempts to breach the strong resistance of 18250 may lift prices towards 18400 or more.
Source: Geojit Comtrade
Download this report (full content – PDF file) bellow:
You can find more and more rubber news at:
Rubber Markets News, Rubber Prices Reports, Rubber Market Analytics & Outlook Reports