Rubber has Support around Rs 17940-17860: Geojit Comtrade

Geojit Comtrade has come out with its report on Rubber. According to the research firm, it has Support at around Rs 17940-17860 and Resistance at Rs 18140-18250.

According to Association of Natural Rubber Producing Countries, natural rubber production among its member in likely to expand by 2.1 per cent in the third quarter of 2012 compared to 6.1 per cent growth achieved during the same period last year.
 Rubber inventories in the warehouses monitored by Shanghai Futures Exchange rose 3.2 per cent to 19566 tonnes last week.

Thai and Indonesian rubber were traded at its weakest levels since 2008. Thai RSS3 traded at $2.94 a kg while SIR20 at 126.75 and 127.75 cents a pound. SMR 20 changed hands at $2.84 a kg.

TOCOM July contract expired with 238 lots being delivered compared to 262 lots the previous month.

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.