Shanghai rubber plunges on Thu., hitting daily limit-down

Rubber futures traded on the Shanghai Futures Exchange (SHFE) sharply slumped on Thursday (May 23, 2013) to end by falling to its daily limit-down of 5 percent.

The most actively traded contract for September delivery ended at 19,390 yuan/metric ton, down 1,025 yuan or 5%.

HSBC said on Thursday that China’s previewed manufacturing PMI for May fell to49.6 inMay, falling below the boom-bust line for the first time since October of 2012 due to weak home and overseas demand. The sluggish figure triggered investors’ concerns over the slowdown of the Chinese economy.

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