Rubber futures traded on the Shanghai Futures Exchange (SHFE) moved steadily upwards before ending as much as 4.6 percent higher on Tuesday (October 9, 2012), tracking the robust gains in the local equity market.
The most actively traded contract for January 2013 delivery ended at 25,710 yuan/metric ton, up 1,125 yuan or 4.58%.
Market sentiment was boosted after a report by China Securities Journal disclosed that some Chinese insurers had added A-share positions to their portfolios with total capital reaching some 10 billion yuan before the National Day holiday, which indicated improved liquidity in the market.
Observers say market focus will be onChina’s major macroeconomic data for September due later this week, which might give fresh cues for further monetary easing.
(Contributed by Olivia, olivia@tireworld.com.cn)
