Rubber news for July 14, 2011
12:06 AM @ Monday - 01 January, 1900
Rubber yesterday traded with the negative node and settled -0.07% down at 21520 tracking the weakness in the global and domestic futures. In the spot markets too there were no fresh enquiries from the tyre sector and the prices remained under pressure on selling from dealers amidst low demand. According to the Vietnam Rubber Association (VRA), in 2011, rubber production is likely to increase slightly by 4% and by additional sources of temporary import for re-export rubber, Vietnam can export about 800,000 tons, which this year’s export value is estimated at 3 billion USD. Meanwhile, demand for natural rubber in the world in 2011 continued to increase, although slower than in 2010 but remained at about 3.8 to 4%. In yesterday’s trading session Rubber has touched the low of 21460 after opening at 21680, and finally settled at 21520. For today’s session market is looking to take support at 21410, a break below could see a test of 21300 and where as resistance is now likely to be seen at 21680, a move above could see prices testing 21840.
