Geojit Comtrade has come out with its report on Rubber. According to the research firm, it has Support at around Rs 17140-17070 and Resistance at Rs 17400-17530.
• According to International Rubber Study Group, global demand for both natural and synthetic rubber is seen rising four per cent to 27.7 million tonnes in 2013 on a year on year basis. However, the Group revised down the demand estimates for 2012 to 26.6 million tonnes from earlier estimates of 26.8 million tonnes.
• Indonesia’s first-half rubber exports fell 8 percent from a year earlier to 1.2 million tons as the debt crisis in Europe cut demand, Asril Sutan Amir, chairman of the nation’s rubber association.
• Crude rubber stockpiles held at Japanese warehouses fell 9.4 percent to 9,308 metric tons on July 31, according to data from the Rubber Trade Association of Japan.
• Rubber inventories in the warehouses monitored by the Shanghai Futures Exchange declined 2.2 per cent to 19140 tonnes last week.
• Tyre grade rubber in Southeast Asia was trading at its lowest in at least four years and China is likely to step up purchases to exploit the low prices.
• JK Tyre and Industries considering acquiring small rubber plantations probably in South-East Asia to securitize its natural rubber supplies.
RUBBER Sep NMCE
In the previous session, the direct fall below 17380 had ushered the selling momentum which is likely to continue towards 17100-16900 region or more in the near term. However, pullbacks extending beyond 17400-17530 must be viewed with caution and such rallies will have the potential to test 17700-17900 region.