Rubber has Resistance around Rs 16500-16700: Geojit

Written By Unknown on Senin, 18 Maret 2013 | 16.02

Geojit Comtrade has come out with its report on Rubber. According to the research firm, it has support at around Rs 16200-16140 and resistance at Rs 16500-16700.

Europe braced for renewed turmoil as outrage in Cyprus over an unprecedented levy on bank deposits threatened to derail the nation's bailout.

Rubber inventories in the warehouses monitored by SHFE rise 5.9 per cent to 113803 tonnes.

Import duty on natural rubber to be increased soon in a bid to support the local industry and a notification giving effect to the rise will be issued soon, Commerce and Industry Minister Anand Sharma said on Thursday.

Chinese authorities on Tuesday ordered local warehouses in Qingdao, Shandong province, to clear part of their rubber stocks within 10 days due to safety concerns.

Thailand's Rubber Estate Organization spent 19.4b baht to buy 194,028 tons of rubber sheet from farmer cooperatives, said Pakdihan Himathongkam, a deputy government spokesman, without giving a time frame.

Malaysia's natural rubber (NR) production rose by 15.3 per cent to 87,957 tonnes in January from December last year, according to the Statistics Department.

RUBBER Apr NMCE

Broad Trend: Weak

Near Term: As long as 16850-17050 regions caps upside, higher level selling may be witnessed and slippage past 16100 would induce further weakness.


Resistances


TURNAROUND LEVELS


Supports


16500/16700


17050-16100


16200-16140


16850/16950


 


16040/15900


17050/17200


 


15750/15600


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