Geofin Comtrade has come out with its report on Rubber. According to the research firm, Rubber NMCE Mar has support at Rs 12120-12050 However, resistance at Rs 12775/12900.
NMCE rubber futures stretched gains to end nearly two per cent higher on Thursday while in the physical market, quotes for RSS4 were mostly steady. Amidst the lean production phase, anticipation of a change in the upcoming budget along with comments by the Kerala Chief Minister may have probably lifted the sentiments. However, jaded demand from the tyre sector weighed on. In the overseas market, meanwhile, the commodity is seen rising. On Friday, TOCOM rubber futures extended previous session advances buoyed by rising equities and crude oil prices. Buying by Thai government too lend support. However, absence of China in the market owing to Lunar New Year holidays kept the activities on the low side
RUBBER Mar NMCE
With the resistance of 12650 being broken, the buying momentum will probably continue towards 12775 or more to 12900. However, it is mandatory to break and sustain over 13000 for another round of bullish wave. Alternatively, slippage past 12500 range could see prices revisiting the recent lows though major downside may be seen below 12200 levels.
| SUPPORTS | TURNAROUND LEVEL | RESISTANCES |
| 12120-12050 | 13000-12200 | 12775/12900 |
| 12350/12200 | 13000/13120 | |
| 12500-23450 | 13300/13550 |
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