Shanghai rubber rallies, hitting daily limit-up of 5%

Rubber futures traded on the Shanghai Futures Exchange (SHFE) surged to hit the daily limit-up of 5 percent on Thursday (July 11, 2013) tracking a surge of the domestic stock market.

The most actively traded contract for January 2014 delivery ended at 18,000 yuan/metric ton, up 855 yuan or 4.99% from the previous settlement.

The Fed did not send signals of scaling back bond purchases in the minutes of its latest interest-setting group meeting released Wednesday and this helped boosted investor sentiment.

The domestic stock market rebounded over 3 percent, which also lent support to the commodity market.

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