Resistance for Rubber around Rs 18840-18960: Geojit

Geojit Comtrade has come out with its report on Rubber. According to the research firm, it has Support at around Rs 18650-18500 and Resistance at Rs 18840-18960.

• Car manufacturers in India are planning to shut down their plants temporarily to reduce inventories as vehicle sales dwindle owing to high interest rates and increasing fuel prices.
• Indonesian tyre grade rubber was trading at its lowest level since August 2008. Meanwhile, China was in the market for compound rubber as it attracted lower import duty.
• Thailand Govt. bought 5000 tonnes of rubber sheet, just 2.5 per cent of the volume planned to purchase through the market intervention scheme.
• According to Thai News Agency, around 200 farmers in Thailand protested over low natural rubber prices and urged the government to solve the problem.
• According to the Rubber Trade Association of Japan, crude rubber stockpiles in the Japanese warehouses remained unchanged at 14800 tonnes from 21 May to 31 May.
• According to Malaysia’s Statistics Department, natural rubber production in the country fell 9.6 per cent to 60888 tonnes in April on YoY basis.

RUBBER nmce Jul
Prices have been moving in the thin ranges for the last three sessions. As long as 19050 caps upside, choppy trades in 19050-18500 regions may be seen. 18500 seem to be the immediate support beyond which some more liquidation can be anticipated probably towards 18360-18200. Successful attempts to sustain above 19050 will bring about a positive bias.

Resistance	TURNAROUND LEVEL	Support
18840-18960	19050-18800-18200	18650-18500
19050-19150		18360-18250
19270-19440		18140-17900

 

 

 

 

 

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