Commodity Outlook For Rubber My KediaCommodity, Rubber yesterday traded with the negative node and settled -1.13% down at 19790 as end-users slowed purchases on higher prices. While heavy rains in Thailand continued to cut supply in the largest exporter, boosting the cash price to a record. Global consumption of natural rubber will outpace supply by 313,000 tons this year, the most since 2006 forecast in a November report, revising its September outlook for an 82,000-ton deficit.
A natural-rubber shortage in India, the world's biggest consumer after China, may widen almost five times over the next decade as rising incomes boost demand for tires, according to an industry group. In yesterday’s trading session Rubber has touched the low of 19780 after opening at 20030, and finally settled at 19790. For today’s session market is looking to take support at 19700, a break below could see a test of 19610 and where as resistance is now likely to be seen at 19960, a move above could see prices testing 20130.
Trading Ideas:
Rubber trading range is 19610-20130.
Rubber ended lower as end-users slowed purchases on higher prices
Global consumption of natural rubber will outpace supply by 313,000 tons this year
Spread between Rubber DEC & JAN contracts yesterday ended at 243.00. Spread yesterday traded in the range of 243 to 329.
NMCE accredited warehouses Rubber stock rosed by 48kgs to 3136kgs.
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