Rubber has Resistance around Rs 15960-16050: Geojit

Geojit Comtrade has come out with its report on Rubber. According to the research firm, it has support at around Rs 15800/15650 and resistance at Rs 15960-16050.

According to the Society of Indian Automobile Manufacturers India’s car sales and commercial vehicles sales dropped by 12.44 and 9.51 percent respectively in January.

According to Rubber Board, India’s natural rubber production declined by 5 per cent to 97,000 tonnes in January, while consumption fell by 9 per cent to 75,000 tonnes.

Rubber inventories in the warehouses monitored by SHFE rose 1.2% to 100015 tonnes.

Natural rubber imports by China rose 19 per cent in January to 250000 tonnes on MoM basis.

According to Rubber Board, India’s synthetic rubber consumption rose by 17 per cent to 36,710 tonnes in October last year while the production rose by 5 per cent to 9,006 tonnes during the period.

According to Association of Natural Rubber Producing Countries, rubber imports by the top consumer China surged 18 per cent during 2013 to 3.37 million tonnes.

According to Malaysian Rubber Board, natural rubber output may expand 6.5 per cent in 2013 on improving yield and higher prices.

RUBBER Mar NMCE
Broad Trend: Bearish
Near Term: Requires clearing resistance near 16250 levels to lessen the prevailing weakness.

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