Last Updated : 16 October 2012 at 10:40 IST
India Natural Rubber: Trend bearish in spot; industry demand subdued
Source :Commodity Online Editorial Desk
Author :Rakesh Neelakandan
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KOTTAYAM (Commodity Online): Amid continuing rains, natural rubber witnessed bearish trend in spot markets on Monday in South India's Kottayam. RSS 4 variety of natural rubber was seen trading at Rs.183/kg, RSS 5 at Rs.174/Kg even as ungraded attracted Rs.169/kg.
No specific demand from tyre manufacturers could be traced by traders.
If the rains continue, there could be a steady uptrend in production visible. Tapping activities are continuing in full swing.
“Unless the prices pick up in foreign markets, there would be no value appreciation here as well.” a trader lamented.
Rubber prices on the NMCE November contract witnessed movement on both sides yesterday, but ended with some fresh buying sentiments.
“Looks like prices have seen fresh buying near crucial support of Rs.17860. For Tuesday's trading session, prices are likely to see some fresh buying above Rs.18260 level while Rs.17860 looks like a good support for current week. Trading above 18260, prices would likely test resistance at Rs.18800 levels.” according to our in-house analyst.
On Tuesday, NMCE November futures opened at Rs.18150.
