Rubber gains on tight supply

Rubber yesterday traded with the positive node and settled 1.92% up at 23890 as a flood warning in Thailand, the world’s largest supplier, spurred purchases, raising concerns that shortages of the commodity used in tires may worsen.
Rubber production in Thailand during the season, which runs until May, shrinks by 45 percent to 60 percent from peak production, the Association of Natural Rubber Producing Countries has said.
The low-production period occurs at the same time in northern Indonesia and Malaysia, lowering output, the group said. In yesterday's trading session Rubber has touched the low of 23400 after opening at 22410, and finally settled at 23890.
For today's session market is looking to take support at 23562, a break below could see a test of 23233 and where as resistance is now likely to be seen at 24057, a move above could see prices testing 24223.
Trading Ideas:
Rubber trading range is 23233-24223.
Rubber gained as a flood warning in Thailand spurred purchases
Rubber daily stocks at Shanghai exchange came down by 270 tonnes
Spread between Rubber FEB & MAR contracts yesterday ended at 625.00. Spread yesterday traded in the range of 576 to 1665.
RUBBER STILL LOOKING FIRM BUT MARKET IS OVERBIT WILL WAIT FOR FRESH ENTRY.
NMCE accredited warehouses Rubber stock rosed by 79kgs to 10133kgs.

(Source: http://www.commodityonline.com/futures-trading/tradingtips/Rubber-gains-on-tight-supply-11348.html)