SHFE rubber slumps on China, India concerns
Rubber futures traded on the Shanghai Futures Exchange (SHFE) posted steep losses on Tuesday (March 12, 2013) on concerns about tighter liquidity inChina.
The most actively traded contract for September 2013 delivery ended at 23,240 yuan/metric ton, down 930 yuan or 3.85%.
A Tokyo-based trader says sluggish February car sales inChinaandIndiaalso weigh on market, prompting investors to lock in profits from the last five trading days.
Earlier on Monday, the latest data from the National Bureau of Statistics showed that China’s annual consumer inflation rebounded to a 10-month high of 3.2 percent in February due to rising food prices during the Spring Festival holidays, which aroused worries over the central bank’s further move to drain liquidity.
(Contributed by Olivia, olivia@tireworld.com.cn)
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