Rubber has resistance at Rs 11750/11840. However, support at Rs 11540-11450.
Natural rubber is seen stretching gains in the overseas market on Thursday. TOCOM rubber futures is ticking higher and so is SHFE and AFET rubber futures. However, movements are in thin ranges as investors probably chose to stay away ahead of the release key economic data from the top consumer China later today.
According to Rubber Board, India's natural rubber imports in October surged 27.7 percent from a year ago to 36,865 tonnes while consumption in the month rose nearly 2 percent on year to 83,000 tonnes. The country's production in the month fell 32.6 percent on year to 58,000 tonnes as some farmers skipped tapping after prices fell to their lowest level in five years.
RUBBER Dec NMCE :-
While there exists weakness, a direct fall below 11450 with volumes could intensify the prevailing bearishness. However, as long as 11450 hold down side, pullbacks cannot be ruled out but it is mandatory to break and sustain above 12100 ranges to lessen the prevailing weakness.
Resistances TURNAROUND LEVELS Supports
11750/11840 12100-11450 11540-11450
11950/12050 11350/11200
12130/12250 11100-11050
Natural rubber is seen stretching gains in the overseas market on Thursday. TOCOM rubber futures is ticking higher and so is SHFE and AFET rubber futures. However, movements are in thin ranges as investors probably chose to stay away ahead of the release key economic data from the top consumer China later today.
According to Rubber Board, India's natural rubber imports in October surged 27.7 percent from a year ago to 36,865 tonnes while consumption in the month rose nearly 2 percent on year to 83,000 tonnes. The country's production in the month fell 32.6 percent on year to 58,000 tonnes as some farmers skipped tapping after prices fell to their lowest level in five years.
RUBBER Dec NMCE :-
While there exists weakness, a direct fall below 11450 with volumes could intensify the prevailing bearishness. However, as long as 11450 hold down side, pullbacks cannot be ruled out but it is mandatory to break and sustain above 12100 ranges to lessen the prevailing weakness.
Resistances TURNAROUND LEVELS Supports
11750/11840 12100-11450 11540-11450
11950/12050 11350/11200
12130/12250 11100-11050
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