Support for Rubber around Rs 18190-18060: Geojit Comtrade

Geojit Comtrade has come out with its report on Rubber. According to the research firm, it has Support at around Rs 18190-18060 and Resistance at Rs 18460-18540.

Govind Rubber plans to set up new tyre manufacturing facility in Gujarat with an investment of Rs.750 crores.
 

Rubber inventories in the warehouses monitored by Shanghai Futures Exchange rose 8.3 per cent to 19376 tonnes the previous week.
 

China’s GDP for the second quarter of 2012 recorded a growth of 7.6 per cent, it’s slowest in three years. Industrial production in June falls to 9.5 per cent from 9.6 per cent the previous month.
 

According to Malaysian Rubber Export Promotion Council, export of rubber products from the country is expected to grow 10 per cent.
 

Pirelli plans to build a tyre factory worth $126 million in Indonesia.
 

According to International Rubber Study Group, global natural rubber consumption is likely to expand less than previously forecast this year owing to economic slowdown in China and Euro Zone debt crisis.
 

Natural rubber production in Myanmar may climb to 200,000 metric tonnes in next three to four years according to the country’s Rubber Planters and Producers Association.
 

RUBBER Aug NMCE
Prices are currently seen taking support at 18200 regions and are probably preparing for a brief pullback towards 18450 regions. However, further upside moves will depend upon the ability to break and sustain 18460, which if successful may see an extension initially towards 18540 followed by 18650-18730. Inability to sustain above 18450 or slippage past 18200 may induce further weakness.
 

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.