Shanghai rubber plunges on Mon. ahead of economic data

Rubber futures traded on the Shanghai Futures Exchange (SHFE) plunged by nearly 4 percent on Monday (July 29, 2013) ahead of key economic data that may show the country’s economy is losing more momentum.

The most actively traded contract for January 2014 delivery ended at 17,615 yuan/metric ton, down 715 yuan or 3.90% from the previous settlement.

China’s official purchasing managers’ index (PMI) for manufacturing sector to be released by the China Federation of Logistics and Purchasing (CFLP) is expected to fall below boom-bust line of 50 points in July, said a China Securities Journal report on July 27, citing unnamed analysts.

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