Shanghai rubber ends lower on Wed. on weak China import data

Rubber futures traded on the Shanghai Futures Exchange (SHFE) settled lower on Wednesday (July 10, 2013) as downbeatChina’s import data weighed on investor sentiment.

The most actively traded contract for January 2014 delivery ended at 17,280 yuan/metric ton, down 95 yuan or 0.55% from the previous settlement.

China imported 130,000 metric tons (tonnes) of natural rubber in June, a sharp fall of 27.8% from that in the previous month, the General Administration of Customs said on Wednesday.

In the first half of this year, China’s natural rubber imports totaled 1.16 million tonnes, a rise of 18.1% from a year ago.

The falling monthly imports in June indicated shrinking demand in downstream industries, and mounting high inventories would be another bearish factor for Shanghai rubber in at least the short term.

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