Shanghai rubber further retreats on Mon., bearish run expected in near term
Rubber futures traded on the Shanghai Futures Exchange (SHFE) widened losses on Monday (June 13, 2013) after making a weak opening.
The most actively traded contract for September delivery ended at 17,750 yuan/metric ton, down 500 yuan from the previous settlement.
Weak economic data, pending resumption of initial public offering (IPO) and global markets’ turbulence have combined to weigh onShanghairubber, said Wang Ning, an analyst with China Creator.
The latest data from the National Bureau of Statistics (NBS) showed that China’s consumer price index (CPI) growth shrank 0.3 percentage points to 2.1 percent on a yearly basis in May, while the producer price index (PPI) growth fell to eight-month low of 2.9 percent, mirroring weakening domestic demand.
(Edited by Olivia, olivia@tireworld.com.cn)
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