Rubber futures traded on the Shanghai Futures Exchange (SHFE) fell sharply on Monday (February 25, 2013) as market sentiment was dampened by HSBC’s forecast onChina’s manufacturing purchasing managers’ index (PMI).
The most actively traded contract for September 2013 delivery ended at 24,650 yuan/metric ton, down 515 yuan or 2.05%.
The preview for China’s manufacturing PMI dropped to a four-month low to stand at50.4 inFebruary, compared with a two-year high of 52.3 final reading in January.
Corrections are expected in the next session. Analysts expect the downside momentum to be limited due to a weaker yen.
(Contributed by Olivia, olivia@tireworld.com.cn)
