Shanghai rubber edges up on better economic data

Rubber futures traded on the Shanghai Futures Exchange (SHFE) settled higher on Thursday (August 22, 2013) on better-than-expected HSBC flash PMI data for August.

The most actively traded contract for January 2014 delivery ended at 19,865 yuan/metric ton, up 335 yuan or 1.72% from the previous settlement.

The HSBC holdings on Thursday morning said the preliminary reading for China manufacturing purchasing managers index (PMI) rebounded to a 4-month high of 50.1 in August. The improved index reflected China’s manufacturing activities began to stabilize, which injected energy into China’s commodity market to some extent.

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