Shanghai rubber rebounds on Mon.
Rubber futures traded on the Shanghai Futures Exchange (SHFE) edged up and ended nearly 2 percent higher on Monday (July 1, 2013).
The most actively traded contract for September delivery ended at 18,130 yuan/metric ton, up 340 yuan or 1.91 percent from the previous settlement.
China Federation of Logistics and Purchasing (CFLP) on Monday issued China’s official manufacturing PMI for June, which fell to 50.1 percent in June from 50.8 percent in May.
However, investors soon fended off the concerns of slowing economy and turned their eyes to supportive factors.
A spokesman of China Securities Regulatory Commission (CSRC) said last Friday that China’s stock market was stabilizing after plunges affected by turmoil in both domestic and foreign financial markets.
He said that the current and coming period is a rare chance for the development of the domestic capital market. The CSRC will further step up reform and opening up of the domestic capital market and push ahead build-up of a multi-level market system. The spokesman’s comments helped improve market sentiment.
(Edited by Olivia, olivia@tireworld.com.cn)
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