SHFE rubber sharply down on Mon.

Rubber futures traded on the Shanghai Futures Exchange (SHFE) moved in a steady downward path on Monday (February 18, 2013), the first trading day after this year’s Spring Festival, down as much as 3 percent.

The most actively traded contract for May 2013 delivery ended at 26,215 yuan/metric ton, down 830 yuan or 3.07%.

But traders say downside momentum of the Shanghai rubber is likely to be limited in the medium term given the upcoming low-production season in major producing regions.Corrections are expected in the coming session.

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