Geofin Comtrade report on Rubber
Natural rubber stayed under pressure in the local as well as in the international markets. On Monday, RSS4 grade rubber in the Indian market extended losses, weighed down by apprehensions over demand from the tire sector. However, losses were probably limited as arrival to the market was low despite it being the peak production phase. In the meantime, in the major overseas market on Tuesday, natural rubber declined with SHFE rubber futures falling more than two per cent. On TOCOM, the commodity declined more than one per cent tracking movements in crude oil. Expectations of slowdown in vehicle sales in China and a strengthening yen too weighed on the sentiments.
RUBBER Feb NMCE
As long as support at 12100 ranges holds downside, pullback towards 12550 or more are likely. Slippage past the same may see another round of liquidation to 11900 ranges.
SUPPORTS TURNAROUND LEVEL RESISTANCES
11580/11400 12550-12100-11900 12300/12450
11900/11700 12550/12640
12100-12050 12760/12850
