Shanghai rubber settles lower in choppy session on Thu.
Rubber futures traded on the Shanghai Futures Exchange (SHFE) ended lower for another session in choppy trading on Thursday (October 24, 2013).
The most actively traded contract for January 2014 delivery ended at 20,145 yuan/metric ton, down 140 yuan or 0.69% from the previous settlement.
The central bank of China suspended its regular open market operations for the third straight session on Thursday morning. Traders noted the move suggested that the central bank might begin to tighten the liquidity condition in the financial system to put a cap on rising inflationary pressure.
Meanwhile, the HSBC flash manufacturing PMI for October released on Thursday rose to 50.9, from a final recording of 50.2 for September. The 50.9 figure is the highest since April, but still it failed to boost the market sentiment, analysts say.
(Edited 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
