Narrowing of the current price spread is expected to have limited room for rubber to fall

Spot market: 12.
20, full latex quotation 12150 yuan / ton (-125), mixed rubber quotation 10875 yuan / ton (-25), 3L spot quotation 11600 yuan / ton (-75), STR20# quotation 1405 US dollars / ton (-10), butylbenzene quotation 10600 yuan / ton (0).

Thai raw materials: raw film no quotation, cup glue 40.
50 baht/kg (-0.
4), glue 45.
80 baht/kg (+0.
2), tobacco tablets 47.
80 baht/kg (-0.
79).

Domestic raw materials: Yunnan glue 10800 yuan / ton (0), Hainan glue 11350 yuan / ton (0).

As of 12.
16: total stock on the exchange 174822 (+2946), exchange warehouse receipt 153700 (+4300).

As of 12.
15, the domestic all-steel tire operating rate was 56.
51% (-3.
85%), and the domestic semi-steel tire operating rate was 64.
83% (-1.
3%)
.

On the supply side, Thai tobacco tablets and cup glue both fell, and glue continued to rise slightly; Yunnan stopped cutting, and the price of raw materials in Hainan production area fell slightly; On the demand side, the operating rate of all-steel and semi-steel is low year-on-year, and the demand for tires is weak; In terms of inventory, Qingdao Free Trade Zone inventory accumulated slightly, last week social inventory accumulation range increased significantly compared with the previous period, recent futures delivery profit preference, hedging delivery willingness enhanced, RU successively new registered warehouse receipts more, with the rapid decline of futures plate prices, the futures price spread narrowed, it is expected that rubber decline space is limited
.