Rubber has resistance at Rs 12050-12120
Geofin Comtrade report on Rubber
NMCE rubber futures jumped on Thursday following the outcome of meeting of Kerala Chief Minister with major tyre companies. In the meeting it was decided that tyre companies would buy rubber from the local market by paying 25 per cent above prices fixed by the Rubber Board considering rubber prices in the international market till this fiscal year-end. The most active January rubber futures ended 3.5 per cent higher to hit a five week high. Spot prices gained as well.
As the week’s session culminates, natural rubber in the international market edged down. TOCOM rubber futures inched lower though it stayed in the vicinity of the one month high hit the other day. Sentiments were mixed. While a weak data from China weighed on, worries of supplies emerged owing to floods in the top natural rubber producing country Thailand
RUBBER Jan NMCE
12050 poses to be immediate resistance, which if cleared could call for 12250 or more to 12500. A fall below 11540 will again induce weakness.
SUPPORTS TURNAROUND LEVELRESISTANCES
11420/11300 12250-12050-11540 12050-12120
11650/11540 12250/12380
11900/11800 12550/12700
Related Article
- Rubber has support at Rs 11050/10900
- The sales volume of auto market in November appears to increase steadily and the growth will be 10% in 2015
- Nearly 10000 new energy vehicles made in China in November
- Over 9700 new energy automobiles sold in China in November
- Over 21m automobiles produced and sold in China since beginning of 2014
- Tireworld Insight: Domestic tire makers eye overseas expansion
- Tireworld Insight: Price disparity severe between China's rubber exports and imports
- Tireworld Insight: China tire exports dependent on US market performance
- Tireworld Insight: SHFE rubber expected to move in tight range in short-term
- Tireworld Insight: Rubber futures to test near-term resistance at 15,000 yuan/tonne
- Tireworld Insight: China’s tire industry on track of rapid growth
