Rubber has resistance at Rs 11400-11500

Geofin Comtrade report on Rubber 

Natural rubber market continues to be in doldrums. On Tuesday, natural rubber in the international nosedived tracking crude oil. SHFE rubber futures plunged five per cent while TOCOM rubber futures lost more than 3.5 per cent. Speculation that China was to buy natural rubber from the local producers for state stockpiles below the current market rate too weighed on the sentiments. Bearishness being witnessed in the overseas market is to impact local natural rubber prices too. On Monday, RSS4 in the Indian market had hit a fresh five year low. NMCE rubber futures too culminated the session about one per cent down as the market fundamentals were in favor of bears. 

RUBBER Jan NMCE

Likely to continue the prevailing bearishness towards 11200 initially followed by 11000 ranges. Even in this bleak scenario, a direct rise past 11500 will see some upticks. 

SUPPORTS          TURNAROUND LEVEL      RESISTANCES 

10700/10500      11500-11200                  11400-11500 

11050/10900                                             11650/11760 

11200/11100                                             11860/11980