AHMEDABAD (Commodity Online): Rubber prices are in uptrend and rising from last several weeks. Last week rubber opened at 22900 and made high of 23975 this week it crossed last week’s high and currently trading near 24520 and looks strong for coming days.
Increase in oil prices has lead to rise in the cost of synthetic rubber, substitute of natural rubber. Even fall in the yen against the dollar also boosted the value of the Japanese currency as rubber is Tokyo based future; prices of rubber are also rising in international markets. Moreover floods in Thailand, the world’s largest natural-rubber producer have disrupted output over the past week.
Natural-rubber inventories monitored by the Shanghai Futures Exchange fell for an eighth week, losing 5,587 tons to 27,611 tons, a six-month low, based on a survey of 10 warehouses in Shanghai, Shandong, Yunnan, Hainan and Tianjin, the bourse said April 1.
“Technically, Rubber is bullish and traders can wait in their buying positions for the targets of 25750.” said Bharti Navlani, technical analyst with Commodity Online.
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source - www.commodityonline.com
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