Shanghai rubber retreats tracking equity slides
Rubber futures traded on the Shanghai Futures Exchange (SHFE) moved in a narrow range before ending more than 1 percent lower on Thursday (October 10, 2013) on profit taking and tracking falls in the regional equity market.
The most actively traded contract for January 2014 delivery ended at 20,300 yuan/metric ton, down 230 yuan or 1.12% from the previous settlement.
Analysts say the ongoing US budget problems will likely further add to the uncertainties of the commodity market and underpin a weak outlook for the Shanghai rubber for at least the short term.
Market focus will be on the upcoming economic data including trade data, CPI and third quarter GDP that will be released in the coming week. (Edited by Olivia, olivia@tireworld.com.cn)
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