SHFE rubber futures rally on Thu. on strong China data
Rubber futures traded on the Shanghai Futures Exchange (SHFE) ended as much as 2.5 percent higher on Thursday (December 27, 2012), boosted by strong economic data of China.
The most actively traded contract for May 2013 delivery ended at 25,940 yuan/metric ton, up 630 yuan or 2.49 percent.
An overnight sharp rise in international crude oil helped to support the rubber price, and robust growth of Chinese enterprises’ November profits also gave a boost toShanghairubber.
Major Chinese industrial firms, or those with annual revenues of more than 20 million yuan, saw profits surge 22.8 percent year on year to reach 638.5 billion yuan in November, according to the National Bureau of Statistics (NBS).
The strong profit figure gave weight to signs that the world’s second-largest economy is recovering.
Chinais the world’s largest rubber consumer.
(Contributed by Olivia, olivia@tireworld.com.cn)
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