Geofin Comtrade has come out with its report on Rubber. According to the research firm, Rubber NMCE Feb has support at Rs 11580/11480 However, resistance at Rs 12180/12320.
Upticks were witnessed in the local natural rubber market on Tuesday even as the broad underlying trend stayed feeble. Gains seen in the international natural rubber market buoyed the commodity in the local market too though lingering worries over demand continued to weigh on, limiting gains. In the physical market, RSS4 was quoted around Rs.120 a kg in subdued trades while the daily reference price of Rubber Board was Rs.125.10 a kg. On the futures platform too, the grade was seen rising, with the most active February rubber futures gaining over two per cent. In the mean time, natural rubber is seen stretching the previous session advances in the major international market. On Wednesday, TOCOM rubber futures pared initial losses and inched higher. SHFE and AFET rose as well. However, sentiments were muddled. Even as market is heading towards a lean production phase, lackluster demand from China weighed on the sentiments.
RUBBER Feb NMCE
With the breach of the resistance at 12100 in the previous session, it seems some more upsides probably towards 12300 are in store. However, inability to clear the 12300 on consistent basis or slippage past 11930 will again intensify weakness
| SUPPORTS | TURNAROUND LEVEL | RESISTANCES |
| 11580/11480 | 12300-11930-11620 | 12180/12320 |
| 11730-11620 | 12450/12550 | |
| 11930-11820 | 12640-12700 |
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