- Limited domestic supply coupled with steep gains in natural rubber in the international market lifted RSS4 in the Indian market to its highest in around four weeks on Monday. Stretching the previous week’s gains, the most active October rubber futures in NMCE ended more than one per cent up after testing its highest since early August. According to
- Sources, supplies were thin on growing expectations over further price rise. However, with market about to enter the peak production period and slowing auto sales in the country, advances are likely to be limited.
- Stretching previous session’s advancement, natural rubber is seen rising in the major exchanges TOCOM and SHFE. Sentiments stayed on the greener side as investors remained optimistic over additional stimulus measures from the leading central banks.
- According to Japanese weather bureau, the weather phenomenon ‘El Nino’ is under way and is likely to last until winter.
- Indian vehicle sales dropped four per cent in August with car sales declining 19 per cent and two wheelers recording a negative growth for the first time in over three and a half years.
- Malaysia and Thailand seeking the possibility of developing a large-scale rubber and rubber-industry based development to stabilise natural rubber prices.
- Natural rubber imports by China rises 23.5 per cent in August to 210000 tonnes on month on month basis.
- Rubber inventories in the warehouses monitored by the SHFE rose 13.5 per cent to 38257 tonnes last week.
- According to the Indonesian Rubber Association, the nation will start cutting exports in the fourth quarter of this year. Of the 300000 tonnes cut in exports as planned by the top three natural rubber producing countries, Indonesia’s share account for 100000 tonnes.
- Area under rubber cultivation in India rises 3.6 per cent in 2011- 12 over previous year.
RUBBER Oct NMCE
A rise above 17400 has ushered in positive moves which are likely to sustain the current buying momentum. However, slippage past 17360 may dilute the prevailing positive sentiments and unexpected fall below 17050 will probably be a signal of reversal.
Source: Geojit Comtrade
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