Support for Rubber around Rs 19360-19200: Geojit Comtrade

Geojit Comtrade has come out with its report on Rubber. According to the research firm, it has Support at around Rs 19360-19200 and Resistance at Rs 19480-19660.
Tocom May rubber futures expired with 269 lots delivered compared to 244 lots in April.
Rubber inventories in warehouses monitored by SHFE fell 5.3 per cent to 18322 tonnes on weekly basis.
Thailand, world’s largest producer and exporter of natural rubber, is considering holding talks with Indonesia and Malaysia to seek ways to stabilize natural rubber prices that slumped 15 per cent in May.
According to International Rubber Study Group, the global demand for rubber may fall slightly this year or may remain flat from last year on worsening debt crisis in Europe.
According to China’s Rubber Industry Association, the country’s rubber consumption is set to expand 7.2 per cent in 2012 as the Government is focusing on bolstering the economic growth. Consumption is expected grow to 7.4 million metric tonnes from 6.9 million metric tonnes a year ago.
International Rubber Study Group expects the global demand for natural and synthetic rubber to reach 28.2 million tonnes in 2013, five per cent higher than 2012 forecast of 26.8 million tonnes.
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