Geofin Comtrade has come out with its report on Rubber. According to the research firm, Rubber has support at Rs 10700/10500. However, resistance at Rs 11400-11500.
Natural rubber market continues to be in doldrums. On Tuesday, natural rubber in the international nosedived tracking crude oil. SHFE rubber futures plunged five per cent while TOCOM rubber futures lost more than 3.5 per cent. Speculation that China was to buy natural rubber from the local producers for state stockpiles below the current market rate too weighed on the sentiments. Bearishness being witnessed in the overseas market is to impact local natural rubber prices too. On Monday, RSS4 in the Indian market had hit a fresh five year low. NMCE rubber futures too culminated the session about one per cent down as the market fundamentals were in favor of bears.
RUBBER Jan NMCE
Likely to continue the prevailing bearishness towards 11200 initially followed by 11000 ranges. Even in this bleak scenario, a direct rise past 11500 will see some upticks.
| SUPPORTS | TURNAROUND LEVEL | RESISTANCES |
| 10700/10500 | 11500-11200 | 11400-11500 |
| 11050/10900 | 11650/11760 | |
| 11200/11100 | 11860/11980 |
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