Rubber yesterday traded with the negative node and settled -1.24% down at 22349 as the market failed to regain strength on buyer resistance. Rubber prices likely to rose amid concerns that demand will continue outpacing production. Natural rubber demand may grow 4.6 percent this year, boosted by strong vehicle sales, with consumption continuing to outpace supply in coming years, according to the International Rubber Study Group.
Malaysia's natural rubber production surged 13% to 970,000 tonnes in the last year over 857000 tonnes produced in 2009, plantation and agricultural minister said. In yesterday's trading session Rubber has touched the low of 22170 after opening at 22650, and finally settled at 22349. For today's session market is looking to take support at 22080, a break below could see a test of 21811 and where as resistance is now likely to be seen at 22708, a move above could see prices testing 23067. Trading Ideas: Rubber trading range is 21811-23067.
Rubber ended down as market failed to regain strength on buyer resistance. Rubber weekly stocks at Shanghai exchange came down by 6985 tonnes Spread between Rubber FEB & MAR contracts yesterday ended at 514.00. Spread yesterday traded in the range of 505 to 675. NMCE accredited warehouses Rubber stock rosed by 118kgs to 10931kgs.
(Source: http://www.topnews.in/commodity-trading-tips-rubber-kedia-commodity-2308928)
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