Support for Rubber around Rs 17500-17280: Geojit Comtrade

Geojit Comtrade has come out with its report on Rubber. According to the research firm, it has Support at around Rs 17500-17280 and Resistance at Rs 17770-17850.

• The Union Govt. has constituted an expert committee to examine various issues in rubber futures trading in India and for making suitable recommendations.
• Rubber Board plans to expand natural rubber production in nontraditional areas especially North-eastern states in the XII Plan.
• According to Rubber Trade Association of Japan, crude rubber stockpiles held at Japanese warehouses fell 10.6 percent to 10,557 metric tons on July 10.
• According to Indonesia’s agricultural ministry officials, the country is planning to replant about 300000 hectares of rubber trees next year to boost yields.
• Indonesian tyre grade rubber traded below $3.0 a kg for nearby shipments; China’s presence almost nil.
• Maruti Suzuki’s car manufacturing facility in Manesar, Haryana closed owing to labour unrest.
• Cambodia’s rubber latex exports rose five per cent to 22615 tonnes in the first six month of 2012 on a year on year basis.
• Indonesia is planning to set aside about $530 million to revitalise the state-owned rubber plantations.

RUBBER Aug NMCE
Despite penetrating the support at 17500, it failed to evolve into another round of selling and an upside correction towards 17700 regions was seen in the previous session. Now, 17800 hold the key for any further upsides towards 17900-18100 regions. Unsuccessful attempts to sustain above 17800 may see a turn lower towards 17500 and more.

Resistance	TURNAROUND LEVEL	Support
17770-17850	17800-17500	17500-17280
17980-18140		17150-17000
18250-18400		16760-16550

 

 

 

 

 

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