Geofin Comtrade has come out with its report on Rubber. According to the research firm, support for Rubber NMCE Jan has at Rs 10650/10500 However, resistance at Rs 11250/11360.
As the week's session culminates, a rebound is being witnessed in natural rubber prices in the overseas market. TOCOM rubber futures inched up while SHFE rubber futures gained more than two per cent. Upbeat economic data from the US along with Thailand's moves to buy rubber lend support.
While sentiments stayed feeble a mixed trend was witnessed in the local natural market on Thursday. RSS4 in the physical market made a fresh five year low while on NMCE the most active January rubber futures ended the session in green. Poor demand from the tyre sector continued to weigh on. However, a recovery being witnessed in the overseas market along with limited supplies is likely to lend lower level support.
RUBBER Jan NMCE
The bounceback being witnessed after taking support at 11025 is likely to continue towards 11400-11500 ranges if it clears the immediate resistance of 11250. Alternatively, a direct fall below 11025 with volumes will intensify weakness.
| SUPPORTS | TURNAROUND LEVEL | RESISTANCES |
| 10650/10500 | 11560-11025 | 11250/11360 |
| 10900/10700 | 11470/11560 | |
| 11100-11050 | 11650/11760 |
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