Rubber yesterday traded with the positive node and settled 1.36% up at 24015 on speculation that Chinese companies will replenish depleted stockpiles.
Inventories monitored by the Shanghai Futures Exchange are down 61% year-on-year. Additional market support is provided by a seasonal phenomenon called the wintering period, during which time farmers reduce rubber tapping.
According to the Association of Natural Rubber Producing Countries, Natural-rubber consumption in China may rise 9% to 3.6 million tons this year and India's consumption may gain 5.2% to 991,000 tons.
In yesterday's trading session Rubber has touched the low of 23361 after opening at 23900, and finally settled at 24015. For today's session market is looking to take support at 23567, a break below could see a test of 23120 and where as resistance is now likely to be seen at 24256, a move above could see prices testing 24498.
source - www.commodityonline.com
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