Missing resin-like material for monarch (7)

I believe the answer is:

lacking

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'missing resin' is the definition.
'lacking' can be an answer for 'missing' (lacking is a kind of missing). I am not sure about the 'resin' bit.

'like material for monarch' is the wordplay.
'like material' becomes 'lac' (lac is a kind of material. I am not sure about the 'like' bit.).
'for' is a charade indicator (letters next to each other).
'monarch' becomes 'king' (king is a kind of monarch).
'lac'+'king'='LACKING'

Can you help me to learn more?

(Other definitions for lacking that I've seen before include "Absent, deficient" , "'Deficient, wanting (7)'" , "Missing" , "Deficient or inadequate" , "Short" .)

I've seen this clue in The Hindu.

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