Geofin Comtrade has come out with its report on Rubber. According to the research firm, support for Rubber NMCE Jan has at Rs 11540/11450 However, resistance at Rs 11650/11760.
RSS4 was trading in tight ranges in the Indian markets on Wednesday. Activities in the physical market were almost nil on strike by retailers association in Kerala. On NMCE, the grade culminated the previous day's session on a negative note. Overall market sentiments stayed feeble on worries over demand and burgeoning imports even as production has been declining.
On Thursday, natural rubber in the major overseas market is on the greener turf. A relatively better China services PMI and gains in crude oil prices lifted natural rubber prices. SHFE rubber futures gained three per cent while TOCOM rubber futures were up nearly one per cent. Weaker yen lend support too.
RUBBER Jan NMCE
While dips to 11540/11450 are likely, as long as 11450 hold downside, bounce back can be anticipated towards 11650/11760. However, it is necessary to break and sustain above 11900 ranges to lessen the prevailing weakness. Slippage past 114500 may intensify weakness.
| SUPPORTS | TURNAROUND LEVEL | RESISTANCES |
| 11540/11450 | 11900-11450 | 11650/11760 |
| 11200/11100 | 11860/11980 | |
| 11050/10900 | 12050/12120 |
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