Rubber futures traded on the Shanghai Futures Exchange (SHFE) moved upwards in volatile trading on Friday (December 14, 2012), tracking the rally in the local equity market as sentiment improved quickly on the support of favorable stimuli.
The most actively traded contract for May 2013 delivery ended at 25,090 yuan/metric ton, up 375 yuan or 1.52 percent.
The HSBC said on Friday that the previewed purchasing managers index (PMI) for China’s manufacturing sector picked up to50.9 inDecember, a 14-month high, which added the investors’ confidence and boosted market sentiment.
The rubber prices are also supported by spot demand as end user demand starts to pick up, but the upside may be limited after prices reach a fresh two-month high, analysts say.
(Contributed by Olivia, olivia@tireworld.com.cn)
