Support for Rubber around Rs 17460-17380: Geojit Comtrade
Geojit Comtrade has come out with its report on Rubber. According to the research firm, it has Support at around Rs 17460-17380 and Resistance at Rs 17680-17800.
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Support for Rubber around Rs 17460-17380: Geojit Comtrade
Geojit Comtrade has come out with its report on Rubber. According to the research firm, it has Support at around Rs 17460-17380 and Resistance at Rs 17680-17800.
Like this story, share it with millions of investors on M3
Support for Rubber around Rs 17460-17380: Geojit Comtrade
Geojit Comtrade has come out with its report on Rubber. According to the research firm, it has Support at around Rs 17460-17380 and Resistance at Rs 17680-17800.
Geojit Comtrade has come out with its report on Rubber. According to the research firm, it has Support at around Rs 17460-17380 and Resistance at Rs 17680-17800.
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.
The official Chinese manufacturing PMI softened to 50.1 in July from 50.2 the previous month suggesting manufacturing activity in the second largest economy hardly grew.
JK Tyre and Industries considering acquiring small rubber plantations probably in South-East Asia to securitize its natural rubber supplies.
India’s synthetic rubber production fell by 11 per cent to 8,285 tonnes in April this year, while its consumption declined by 5 per cent to 35,150 tonnes during the period, according to Rubber Board.
According to Association of Natural Rubber Producing Countries, natural rubber production is likely to expand by 2.1 per cent in the third quarter of 2012 compared to 6.1 per cent growth achieved during the same period last year.
The Union Govt. has constituted an expert committee to examine various issues in rubber futures trading in India and for making suitable recommendations.
RUBBER Sep NMCE While the broad trend remains weak, now a break below 17380 region is required to extend the prevailing selling sentiments towards 17100-16900 regions. Else, pullbacks towards 17800-17940 may be seen before resuming its downtrend. However, successful attempts to sustain above 17940 may lift prices towards 18090 or more to 18260.
Resistance
TURNAROUND LEVEL
Support
17680-17800
18260-17940-17380
17460-17380
17940-18090
17140-16900
18260-18400
16750-16500
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