SHFE rubber extends loss in range trading
Rubber futures traded on the Shanghai Futures Exchange (SHFE) continued downward momentum on Thursday (March 7, 2013).
The most actively traded contract for September 2013 delivery ended at 23,920 yuan/metric ton, down 270 yuan or 1.12%.
But analysts say the start of the low-production season in major rubber producing regions is likely to support rubber prices.
Traders will be awaiting trade data fromChinaandU.S.nonfarm payrolls figures due to be released Friday for further cues.
Transactions remain slow on Thursday as traders are cautious ahead of major macroeconomic announcements and as they are distracted by an ongoing rubber warehouse fire in the Chinese port of Qingdao, says a trader in Thailand.
(Contributed by Olivia, olivia@tireworld.com.cn)
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