On Tuesday, natural rubber market is seen under Pressure as per previous day’s losses.Higher imports duty and stocks along with weakness in crude oil as well as natural rubber in the international market weighed heavily on the commodity in the local market. Moreover, activities may have also slowed down owing to financial year end and successive holidays later this week
TOCOM rubber futures is hovering near the three week low down trend by weakness in crude oil and other industrial commodities though weak yen lend lower level suppor
According to International Rubber Study Group, global natural rubber production in 2015 is anticipated to be at 12.2 million tonnes compared to 11.9 million tonnes produced last year
Southeast Asian countries expect to develop a rubber-trading floor for regional rubber-producing countries to actively fix export rubber prices on the world market
Natural Rubber Support and resistance Level
Currently Rubber is in HOLD SHORT position Natural Rubber(Apr) May supported at 12150-12060 with safe side resistance at 12500-12580
TOCOM rubber futures is hovering near the three week low down trend by weakness in crude oil and other industrial commodities though weak yen lend lower level supporAccording to International Rubber Study Group, global natural rubber production in 2015 is anticipated to be at 12.2 million tonnes compared to 11.9 million tonnes produced last year
Southeast Asian countries expect to develop a rubber-trading floor for regional rubber-producing countries to actively fix export rubber prices on the world market
Natural Rubber Support and resistance Level
Currently Rubber is in HOLD SHORT position Natural Rubber(Apr) May supported at 12150-12060 with safe side resistance at 12500-12580
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