Rubber : Technical View : 27.11.2019
Join Whatsapp 9841986753
Whatsapp Number : 91-9094047040 / 91-9841986753
Rubber on ICEX settled down -0.8% at 13290 on profit booking after prices gained amid expectations of a fall in global output due to a severe pest attack in major producing countries such as Thailand, Indonesia and Malaysia. Further downside also seen limited due to higher demand from domestic stockists and an ongoing supply crunch in the market.
Thailand is pushing to export natural rubber to boost farmers’ income, the country’s commerce minister said. The minister also said Thailand had recently sold 100,000 tonnes of rubber worth 7.5 billion baht to India, and that he would travel to Turkey and Germany to negotiate more deals. Thailand, Indonesia and Malaysia face lower output of natural rubber as they battle an outbreak of the fungal disease pestalotiopsis, which causes leaves to turn yellow and spotted, amid a peak rubber-tapping period between October and December.
The disease threatens to cut output in affected areas by around half, and has been reported in more than 450,000 hectares of rubber plantations across the three countries.
Technically market is under long liquidation as market has witnessed remain unchanged in open interest by 0% to settled at 297 while prices down -107 rupees, now Rubber is getting support at 13250 and below same could see a test of 13200 levels, and resistance is now likely to be seen at 13350, a move above could see prices testing 13400.
Thailand is pushing to export natural rubber to boost farmers’ income, the country’s commerce minister said. The minister also said Thailand had recently sold 100,000 tonnes of rubber worth 7.5 billion baht to India, and that he would travel to Turkey and Germany to negotiate more deals. Thailand, Indonesia and Malaysia face lower output of natural rubber as they battle an outbreak of the fungal disease pestalotiopsis, which causes leaves to turn yellow and spotted, amid a peak rubber-tapping period between October and December.
The disease threatens to cut output in affected areas by around half, and has been reported in more than 450,000 hectares of rubber plantations across the three countries.
Technically market is under long liquidation as market has witnessed remain unchanged in open interest by 0% to settled at 297 while prices down -107 rupees, now Rubber is getting support at 13250 and below same could see a test of 13200 levels, and resistance is now likely to be seen at 13350, a move above could see prices testing 13400.