SHFE rubber in volatile moves Fri. as market sentiment diverges
Rubber futures traded on the Shanghai Futures Exchange (SHFE) moved in volatile trading and finally closed mixed on Friday (January 4, 2013), the first trading day in the New Year, as the market sentiment was increasingly divergent after consecutive rises since the beginning of December.
The most actively traded contract for May 2013 delivery ended at 26,350 yuan/metric ton, down 65 yuan or 0.25 percent.
Statistics with China Federation of Logistics and Purchasing (CFLP) showed thatChina’s PMI for the manufacturing sector remained at 50.6 percent in December. It was the third consecutive month that the PMI figure was above 50 percent. The continued expansion suggested a moderate economic recovery trend and a positive start for the New Year’s economy.
The fundamentals during the three-day New Year holiday were generally favorable to the futures market, which led to a higher opening, but they also gave investors a reason to pocket gains.
Trade is expected to be slow in the coming sessions ahead of the upcoming Chinese Lunar New Year.
(Contributed by Olivia, olivia@tireworld.com.cn)
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