Rubber hits one-week low as China slowdown cuts demand
ERJ staff report (LMH)
Beijing – Rubber prices dropped to a one-week low amid concerns that demand from China may fall after that shouldn’t the nation’s economy slowed for a second quarter, according to a report by Bloomberg.
Bloomberg reported that rubber for delivery in December on the Tokyo Commodity Exchange , lost 2.1% to ¥233.5 per kilogram (€1.79). Futures extended last week’s 2.7 percent loss, the first weekly drop since the five days ended 14 June, Bloomberg said.
There are fears that a slowdown in China will lead to weaker growth than initially estimated this year in developing economies in Asia, Bloomberg reported the Asian Development Bank as saying. It added that expansion in China’s gross domestic product fell to 7.5% last quarter from 7.7% in the first three months of 2013.
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Article from Bloomberg