MTECHTIPS

MTECHTIPS:-India Natural Rubber bearish in spot; sideways to positive today

Natural rubber prices in Kottayam witnessed sales at the rate of Rs.188/kg for the RSS 4 variety and Rs.179/kg for RSS 5. Ungraded rubber witnessed sales at the rate of Rs.175/kg on Thursday.The overall trend is bearish in the markets even as there has been no rains“The tyre companies have retired from the markets for a while. They seem to be waiting for the prices to come in parity with the international prices where the rates are low.” a trader said.The trend had been firm/steady in the natural rubber markets Wednesday. RSS 4 witnessed sales at the rate of Rs. 191/kg and RSS 5 variety fetched Rs.186/kg. Ungraded attracted Rs.178-Rs.180.Natural rubber prices were volatile but ended with some buying for NMCE November contract yesterday. It is likely to remain sideways to positive for today's trading session. Support is seen at Rs.18150 level while resistance at Rs.18800. Trading above Rs.18800 it is likely to touch Rs.19200 levels.--our analyst said.