- Riding high over gains in the international market, RSS4 firmed up in the Indian market on Tuesday. In the spot market, prices edged higher to Rs.171 a kg. Meanwhile, NMCE rubber futures advanced for the fourth consecutive session, gaining around two per cent. However, subdued demand from the major consuming industries and rising supplies may weigh on the market. Moreover, activities are likely to slowdown in the spot market as Kerala, the top natural rubber producing state in India will be celebrating ‘Onam’ this week.
- Natural rubber prices in the global market were seen easing after posting some handsome gains in the previous day. Investors are eying the US Fed Chairman Bernanke’s speech later this week to get further hints on possible monetary policy moves by the central banks. Apart from Bernanke’s speech, meeting by the top three natural rubber producing countries will also be highly watched out.
- TOCOM August rubber futures expire with 185 lots being delivered from 238 lots in the previous month.
- According to Malaysian Rubber Board Chairman, the three major natural rubber producing countries – Malaysia, Indonesia and Thailand – will establish a mechanism to ensure rubber price remains stable and competitive following a downtrend projection due to the current economic crisis faced by the euro zone countries. The meeting is also likely to be attended by China and India.
- Vietnam, the fourth-biggest rubber exporter in 2010, may ship 105,000 metric tons this month, according to figures today from the General Statistics Office in Hanoi, 30 percent more than in the same period last year.
- Crude rubber stockpiles held at Japanese warehouses fell 14.1 percent to 7,993 metric tons on Aug. 10, according to data from the Rubber Trade Association of Japan.
- Thailand is planning to spend an additional 15 billion baht on rubber in rubber intervention. So far, around 80000 tonnes of rubber has been procured from the farmers under the program.
RUBBER Sep NMCE
While the rise above 17050 has induced some positive sentiments, 17500 will be a crucial level, which it requires to clear to continue further upward momentum and such moves may lift prices towards 17600-17800 region. Else a brief correction towards 17030-16840 may be seen. However, slippage past 16840 may see weakness creeping in.
Source: Geojit Comtrade
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