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Last week, rubber prices continued to rebound and rise, and the main 2301 contract of Shanghai rubber rose 2.
5%
week-on-week.
On the supply side, the temperature of the main domestic producing areas has been reduced and the whole milk has been produced, supporting the rise in raw material prices
.
The price of glue in Thailand remained stable, and the price spread of glue cup glue fell
.
The increase in imports of natural and synthetic rubber in October confirmed the weakening of overseas demand in the early stage, and the pressure on domestic imports increased
.
On the demand side, the operating rate of all-steel tires and semi-steel tires rebounded V-shaped after the October holiday and maintenance, and the operating rate is expected to continue the upward trend before the end of the year, preparing for the New Year in January
.
In terms of inventory, social stocks accumulated slightly last week
.
The number of natural rubber warehouse receipts has risen rapidly, and the cancellation date of warehouse receipts is approaching soon, and the number of new warehouse receipts is expected to be 108,000 tons after cancellation, and the cancellation speed of No.
20 rubber warehouse receipts has bottomed out
.
The RU01-05 spread back structure continued to strengthen, with spreads hitting a new intra-month high
.
The Thai baht strengthened against the US dollar, rising 1,382 basis points during the week, and Thailand's processing profits fell in trend
.
The overall supply side maintained stable growth, the demand side improved slightly, and it is expected that the short-term tianjiao will maintain a volatile pattern
.
The recovery of domestic operating rates, especially the resumption of work in some regions, especially Upper East tire companies, brought a lot of confidence to the bulls, and rubber prices continued to remain on the 10,000-second line
during the week, supported by spot prices.
However, there are many bearish factors in the general environment, especially the domestic terminal consumer market and overseas imports and exports, and the market sentiment is expected to change in a wave after the release of CPI data in the United States on the 11th
.
The main domestic producing areas maintain a high level of production, and the sharp decline may not be temporarily, but it will continue to be limited
upward.
Downstream demand continues to be weak, and the weak pattern of Tianjiao fundamentals has not changed, but the current full-latex production reduction speculation still exists, and the market mentality is optimistic
.
