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Nov 11: China rubber futures up on Oct data; to stay in range

Shanghai – Natural rubber futures on SHFE settle higher after China releases October tire output data, natural rubber import figures. Higher production is “not surprising…justified by strong auto sales in October,” says Orient Securities Futures analyst Lin Hui; adds declining imports indicate existing stocks remain relatively high. October tire production up 20% on year in October to 59.02 million tons, rubber imports down 38% on year to 100,000 tons. Lin says rubber contracts will likely consolidate in coming sessions as they “are still looking for cues to break through.” Benchmark March contract settles up CNY130, or 0.7%, at CNY19,735/ton.

Source: Moneycontrol.com

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This entry was posted on Wednesday, November 11th, 2009 at 8:17 pm and is filed under Rubber News. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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