Rubber futures traded on the Shanghai Futures Exchange (SHFE) fell into the negative territory around midday on Wednesday (February 20, 2013) and remained a downward trend in the remainder of the day.
The most actively traded contract for May 2013 delivery ended at 25,805 yuan/metric ton, down 330 yuan or 1.26%.
Trade was slim on Wednesday as Thai’s interrupted rubber restocking plan continue to press down rubber prices.
But analysts say the downside momentum would be limited due to support from season factors.
An analyst with China Creator expected the short-term resistance ofShanghairubber to be at around 26,000 yuan per tonne.
(Contributed by Olivia, olivia@tireworld.com.cn)
