Mon, Feb 04, 2013 at 12:26
Geojit Comtrade has come out with its report on Natural Rubber. According to the research firm, pullbacks in rubber prices from Rs15500 levels likely to continue and clearing Rs16250 may lessen the prevailing negative sentiments. Require a close below Rs 15500 for prolongation of the ensuing weakness.
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Pullback in rubber prices likely to continue: Geojit
Geojit Comtrade has come out with its report on Natural Rubber. According to the research firm, pullbacks in rubber prices from Rs15500 levels likely to continue and clearing Rs16250 may lessen the prevailing negative sentiments. Require a close below Rs 15500 for prolongation of the ensuing weakness.
Like this story, share it with millions of investors on M3
Pullback in rubber prices likely to continue: Geojit
Geojit Comtrade has come out with its report on Natural Rubber. According to the research firm, pullbacks in rubber prices from Rs15500 levels likely to continue and clearing Rs16250 may lessen the prevailing negative sentiments. Require a close below Rs 15500 for prolongation of the ensuing weakness.
According to Association of Natural Rubber Producing Countries, rubber imports by the top consumer China surged 18 per cent during 2013 to 3.37 million tonnes. Rubber inventories in the warehouse monitored by SHFE rose 0.8 per cent to 98814 tonnes. According to Malaysian Rubber Board, natural rubber output may expand 6.5 per cent in 2013 on improving yield and higher prices. According to Rubber Trade Association of Japan, crude rubber inventories in the Japanese ports fell by 202 tonnes to 6934 tonnes in the 10 days to January 10 from a four month peak marked at the end of 2012 according to Vietnam's General Statistics Office, the nation shipped 117,000 tons of rubber in Dec., up 11% from previous assessment of 105,000 tons. TOCOM January rubber futures expired with 124 lots being delivered compared to 288 lots being delivered in December. According to IRSG, NR production is set to outpace consumption by 179,000 metric tons this year and 153,000 tons in 2014.
Technical View:
Near Term- Pullbacks from 15500 levels likely to continue and clearing 16250 may lessen the prevailing negative sentiments. Require a close below 15500 for prolongation of the ensuing weakness.
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