According to Society of Indian Automobile
Manufacturers, in January 2013, car sales and commercial vehicles sales have dropped
by 12.44% and 9.51% respectively and on the other hand according to Rubber
Board of India, the natural rubber production has declined by 5% to 97,000
tonnes and consumption fell by 9% to 75,000 tonnes, in January.
The largest natural rubber exporter - Thailand,
will review a program to support prices by purchasing from farmers at the end
of March. The contract for February delivery on the Tokyo Commodity Exchange gained
to ¥282 per kg, while July delivery dropped to ¥297.1 per kg.
In India, rubber is set for a drop on concern that
demand may slow as China called for property curbs and European data signaled
the region’s recession is set to continue. Rubber prices in NMCE March contract
traded sideways to bearish on lack of fresh buying and closed at `.157.55 per kg and June contract closed at `.166.50 per kg. Support is seen at `.155 per kg level while `.162 per kg is the
resistance. Overall trend is looking bearish.
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