Rubber yesterday traded with the positive node and settled 0.54% up at 23920 on concern that supply from Thailand maydecline, worsening a supply shortage, after the government issued a flood warning. Monsoon rains may cause flash floods and landslides in nine of Thailand’s southern provinces. The fourteen provinces in the south represent about 80 percent of the country’s total rubber output. Output during the low season, which runs until May, can fall by 45 percent to 60 percent from the peak, according to the Association of Natural Rubber Producing Countries. Natural-rubber inventories in China declined for a second week, losing 3,143 tons to 65,532 tons. That’s 57 percent lower than last year’s peak of 151,832 tons. In yesterday's trading session Rubber has touched the low of 23751 after opening at 23840, and finally settled at 23920. For today's session market is looking to take support at 23781, a break below could see a test of 23641 and where as resistance is now likely to be seen at 24030, a move above could see prices testing 24139.
Trading Ideas:
Rubber trading range is 23641-24139.
Rubber gains on concern that supply from Thailand may decline
Rubber weekly stocks at Shanghai exchange came down by 3143 tonnes
Spread between Rubber FEB & MAR contracts yesterday ended at 617.00. Spread yesterday traded in the range of 560 to 617.
BUY RUBBER FEB ABV 24000 SL 23780 TGT 24220-24380-24560.NMCE
NMCE accredited warehouses Rubber stock rosed by 193kgs to 10418kgs.
(Source: http://www.topnews.in/commodity-trading-tips-rubber-kediacommodity-2306945)
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