Shanghai rubber rebounds on better data

Rubber futures traded on the Shanghai Futures Exchange (SHFE) ended higher on Friday (November 1, 2013) drawing upside momentum underpinned by better economic data.

The most actively traded contract for January 2014 delivery ended at 19,385 yuan/metric ton, up 25 yuan or 0.13% from the previous settlement.

China’s purchasing managers’ index (PMI) for the manufacturing sector rose to 51.4 percent in October, hitting a new high since May 2012, the National Bureau of Statistics said Friday.

The figure was 0.3 percentage point higher than that for September and rebounded for the fourth consecutive month, showing that the country’s manufacturing activities were seeing a steady upward trend.

(Edited by Olivia, olivia@tireworld.com.cn)