Support for Rubber around Rs 17850-17750: Geojit Comtrade

Geojit Comtrade has come out with its report on Rubber. According to the research firm, it has Support at around Rs 17850-17750 and Resistance at Rs 18140-18250.

Indonesian tyre grade rubber traded below $3.0 a kg for nearby shipments; China’s presence almost nil.

Rubber stocks in the warehouses monitored by Shanghai Futures Exchange declined 2.2 per cent to 18955 tonnes the previous week.

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.

Thailand plans to double the budget for rubber purchases to 30 billion baht ($951 million) according to its Deputy Farm Minister.

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 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.