Rubber : Technical View : 05.12.2019
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Rubber on ICEX settled down -0.24% at 13244 as demand from tyre makers has been subdued due to a slowdown in the domestic automobile sector. India's natural rubber imports for September fell 26.4% on month to 42,550 tn, Directorate General of Commercial Intelligence and Statistics data showed.
Vietnam gained nearly 1.8 billion U.S. dollars from exporting over 1.3 million tons of rubber in the first 10 months of this year, seeing respective year-on-year increases of 6.4 percent and 7.6 percent. China was Vietnam's largest importer of rubber in the period, accounting for over 65 percent of the total value, tailed by India and South Korea, according to the General Department of Vietnam Customs.
Rubber Board has revised downwards the production, consumption and import target for the current fiscal year for natural rubber keeping in mind the uncertainties in the global economy. The projection for production in 2019-20 has been revised to 730,000 tonnes, a decrease of 20000 tonnes from the earlier target. The new consumption figure for the year is 1140,000 tonnes against earlier 1270,000 tonnes. Considering the decline in import, the target for the year has been revised downwards by 85,000 tonnes to 415,000 tonnes.
Technically market is under long liquidation as market has witnessed remain unchanged in open interest by 0% to settled at 197 while prices down -32 rupees, now Rubber is getting support at 13200 and below same could see a test of 13170 levels, and resistance is now likely to be seen at 13260, a move above could see prices testing 13290.
Vietnam gained nearly 1.8 billion U.S. dollars from exporting over 1.3 million tons of rubber in the first 10 months of this year, seeing respective year-on-year increases of 6.4 percent and 7.6 percent. China was Vietnam's largest importer of rubber in the period, accounting for over 65 percent of the total value, tailed by India and South Korea, according to the General Department of Vietnam Customs.
Rubber Board has revised downwards the production, consumption and import target for the current fiscal year for natural rubber keeping in mind the uncertainties in the global economy. The projection for production in 2019-20 has been revised to 730,000 tonnes, a decrease of 20000 tonnes from the earlier target. The new consumption figure for the year is 1140,000 tonnes against earlier 1270,000 tonnes. Considering the decline in import, the target for the year has been revised downwards by 85,000 tonnes to 415,000 tonnes.
Technically market is under long liquidation as market has witnessed remain unchanged in open interest by 0% to settled at 197 while prices down -32 rupees, now Rubber is getting support at 13200 and below same could see a test of 13170 levels, and resistance is now likely to be seen at 13260, a move above could see prices testing 13290.
