Shanghai rubber posts nearly 2pct gains after week-long holiday
Rubber futures traded on the Shanghai Futures Exchange (SHFE) closed nearly 2 percent higher on Tuesday (October 8, 2013) after a one-week holiday break during which main stock markets on the globe were weak.
The most actively traded contract for January 2014 delivery ended at 20,585 yuan/metric ton, up 380 yuan or 1.88% from the previous settlement.
Tuesday’s strong gains would have got support from Chinese President Xi Jinping’s remarks while addressing the Asia-Pacific Economic Cooperation (APEC) CEO summit on Monday as well as a spending boost during China’s just-ended holiday week.
Chinese President Xi Jinping said on Monday that he is fully confident about the future of the Chinese economy, based on a comprehensive analysis of all factors and China will deepen reform and opening-up in all respects, as Chinese economy has entered a new stage of development.
(Edited by Olivia, olivia@tireworld.com.cn)
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