SHFE rubber futures extend rising momentum on Fri.
Rubber futures traded on the Shanghai Futures Exchange (SHFE) extended gains on Friday (December 28, 2012), taking cues from higher crude oil prices and strong demand amid improving sentiment.
The most actively traded contract for May 2013 delivery ended at 26,180 yuan/metric ton, up 310 yuan or 1.20 percent.
"The possibility of a modest recovery in the global economy after four years of recession has raised prospects of stronger demand for industrial commodities," says an analyst inTokyo.
Rubber prices tend to stay firm on strong demand in the cash market as buyers book cargoes owing to concerns that supply will further tighten next week as a result of flooding and rain inMalaysiaandThailand, said a market source.
(Contributed by Olivia, olivia@tireworld.com.cn)
- Tireworld Insight: Domestic tire makers eye overseas expansion
- Tireworld Insight: Price disparity severe between China's rubber exports and imports
- Tireworld Insight: China tire exports dependent on US market performance
- Tireworld Insight: SHFE rubber expected to move in tight range in short-term
- Tireworld Insight: Rubber futures to test near-term resistance at 15,000 yuan/tonne
- Tireworld Insight: China’s tire industry on track of rapid growth
