Rubber stockpiles held at Japanese warehouses fell 5.1 percent to 6,186 metric tons on Nov. 30 from ten days before, according to data from the Rubber Trade Association of Japan. According to SIAM, while total sales of vehicles registered a growth of 1.79 per cent in November, passenger car sales dropped 8.5 per cent owing to high interest rates and fuel prices and other macro-economic factors. China's monthly passenger-vehicle sales rose to its highest in almost two years to 1.46 million units in November according to CAAM. According to a report appeared on The Hindu, leaders of various political parties have expressed concern over the fall in price of natural rubber (NR) and have called upon the Central government to initiate the necessary measures to arrest the slide. Natural rubber imports by China were 220,000 metric tons in November.
Technical View:
In the previous session, while prices managed to sustain the earlier gains, it failed to clear the crucial upside obstacle at 16860. Now, As long as 16860 cap upsides, choppy trades with a negative bias may be seen. However, a direct rise above 16860 is likely to call for 16960 or more to 17100 in the near term. Another leg of bearish moves may be seen on the breach of 15950.
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Rubber prices may trade with negative bias: Geojit
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