Shanghai rubber dives on Fri., rebound expected

Shanghai rubber dives on Fri., rebound expected

Rubber futures traded on the Shanghai Futures Exchange (SHFE) widened loss and dived into the negative territory in the afternoon session on Friday (September 27, 2013).

The most actively traded contract for January 2014 delivery ended at 20,260 yuan/metric ton, down 270 yuan or 1.32% from the previous settlement.

But rebound is expected in the near term drawing positive clues from China’s latest industrial output data, analysts said.

The National Bureau of Statistics showed that major Chinese industrial firms saw their combined profits rise 24.2 percent year on year in August, quickening from 11.6 percent in July that points to further evidence of a firming economy.

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