Rubber futures traded on the Shanghai Futures Exchange (SHFE) settled 0.6 percent higher on Friday (Aug. 22, 2014) after making a weak start.
The most actively traded contract for January 2015 delivery ended at 15,105 yuan/metric yuan, up 0.6 percent from the previous settlement.
Analysts tip short-term resistance at 15,250 yuan per tonne, noting that downside risk remains high on the traditional peak season of rubber supply.
Recent rise in crude prices were part of the reason for Friday’s gain.
Light, sweet crude for October delivery moved up 51 cents to end at 93.96 US dollars a barrel on the New York Mercantile Exchange, while Brent crude for Octorber delivery gained 35 cents to close at 102.63 dollars a barrel.
(Edited by Olivia, olivia@tireworld.com.cn)
