- Sentiments were mixed in the domestic natural rubber market on Monday. NMCE rubber futures eased, dropping nearly one per cent while in the spot market RSS4 grade rubber traded firm near Rs.181 a kg. Latex (drc 60%) was seen edging lower too. The broad trend remained on the negative side as market fundamentals were unfavourable for bulls to act upon. Weakness in the international market too weighed on prices.
- Cautiousness prevailed in the market ahead of the US FOMC and ECB’s rate decision. Natural rubber traded mostly steady to negative on Tuesday. TOCOM and Shanghai rubber futures inched down ahead of the crucial events on intensified worries over Euro Zone debt contagion. TOCOM rubber futures were probably on its track to post decline for the fifth consecutive month.
- JK Tyre and Industries considering acquiring small rubber plantations probably in South-East Asia to securitize its natural rubber supplies.
- India’s synthetic rubber production fell by 11 per cent to 8,285 tonnes in April this year, while its consumption declined by 5 per cent to 35,150 tonnes during the period, according to Rubber Board.
- Natural rubber demand in China is likely to contract this year on slump in truck sales and slowing economic growth.
- According to Association of Natural Rubber Producing Countries, natural rubber production is likely to expand by 2.1 per cent in the third quarter of 2012 compared to 6.1 per cent growth achieved during the same period last year.
- Thai and Indonesian rubber were traded at its weakest levels since 2008. Thai RSS3 traded at $2.94 a kg while SIR20 at 126.75 and 127.75 cents a pound. SMR 20 changed hands at $2.84 a kg.
- The Union Govt. has constituted an expert committee to examine various issues in rubber futures trading in India and for making suitable recommendations.
RUBBER Aug NMCE
In the previous session, the advances were restricted near the falling trend line resistance. The broad trend remains negative and fall below 17800 with considerable volume may see prices revisiting the recent lows and even more. On the higher side 18140 pose to be immediate resistance, if violated successfully may see a rise towards 18250. However, it requires sustaining above the same for any further upsides.
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