SHFE rubber extends loss on Wed., may fall further

Rubber futures traded on the Shanghai Futures Exchange (SHFE) moved in a downward trend and extended previous session’s losses to settle at as much as 2.5 percent lower on Wednesday (April 17, 2013) after making a higher opening.

The most actively traded contract for September 2013 delivery ended at 19,230 yuan/metric ton, down 500 yuan or 2.53%.

Demand concerns and negative technicals were dragging the sentiment down, noted analysts, tipping key short-term resistance at 20,000 yuan per tonne.

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