Rubber yesterday traded with the negative node and settled -1.2% down at 23724 due to selling from dealers. There are some reports that global demand for natural and synthetic rubber will enhance by about 40 per cent to 33.9 million tonnes in 2020 driven by consumption in India and China. Output from Thailand, Indonesia and Malaysia has been cut as a La Nina weather event caused higher-than-average rains in parts of Southeast Asia. In yesterday's trading session Rubber has touched the low of 23610 after opening at 24185, and finally settled at 23724. For today's session market is looking to take support at 23489, a break below could see a test of 23255 and where as resistance is now likely to be seen at 24079, a move above could see prices testing 24435.

Trading Ideas:

Rubber trading range is 23255-24435.

Rubber ended lower due to selling pressure from dealers.

Rubber daily stocks at Shanghai exchange came down by 1235 tonnes.

Spread between Rubber MAR & APR contracts yesterday ended at 841.00. Spread yesterday traded in the range of 705 to 948.

NMCE accredited warehouses Rubber stock rose by 71kgs to 11827kgs.