Rubber has support at Rs 15700-15500: Geojit Comtrade

Geojit Comtrade has come out with its report on Natural Rubber. According to the research firm, Rubber has support at Rs 15700-15500 and resistance at Rs 16050-16100.

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.

 According to Rubber Trade Association of Japan, crude rubber inventories in the Japanese ports fell by 202 tonnes to 6934 tonnes in the 10 days to January 10 from a four month peak marked at the end of 2012 According to Vietnam’s General Statistics Office, the nation shipped 117,000 tons of rubber in Dec., up 11% from previous assessment of 105,000 tons.  According to IRSG, NR production is set to outpace consumption by 179,000 metric tons this year and 153,000 tons in 2014.

Rubber: resistance-Rs 16050-16100, support at Rs 15700-15500.

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