Shanghai rubber retreats further on Tue.
Rubber futures traded on the Shanghai Futures Exchange (SHFE) widened loss and ended more than 1 percent lower on Tuesday (November 5, 2013).
The most actively traded contract for January 2014 delivery ended at 19,050 yuan/metric ton, down 210 yuan or 1.09% from the previous settlement.
Traders say strong US dollar has weighed on crude oil prices and hence exerted pressure on the price of rubber. They added that the commodity still lacked clear clues for further direction. Guidance is expected from the pending Third Plenary Session of the 18th Communist Party of China Central Committee to be held between Nov. 9 and 12, which is expected to unveil a comprehensive reform package in the world’s second largest economy.
(Edited by Olivia, olivia@tireworld.com.cn)
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