Rubber prices run in range-bound operation

This week, Thailand, Vietnam rainfall decreased, rubber tapping season has expectations of increased raw material supply, glue prices have fallen, demand dragged, inventories continue to accumulate slightly, pay attention to the recovery of domestic economic activities in the later period or is expected to bring about a stable rebound
of far month contracts.

Futures price difference: On 12.
26, the main RU closed at 12645 yuan / ton (+100), and the main closing price of NR was 9565 yuan / ton (+125).

RU basis -495 yuan/ton (+55), NR basis 36 yuan/ton (-193).

RU non-standard price difference 2020 yuan / ton (+95), tobacco chip import profit + 17 yuan / ton (+229).

Spot market: 12.
26, full latex quotation 12150 yuan / ton (+125), mixed rubber quotation 10625 yuan / ton (-25), 3L spot quotation 11525 yuan / ton (+25), STR20# quotation 1375 US dollars / ton (-10), butylbenzene quotation 10600 yuan / ton (0).

Thai raw materials: raw film no quotation, cup glue 39.
00 baht/kg (-0.
50), glue 44.
60 baht/kg (-1.
50), tobacco sheet 47.
10 baht/kg (-0.
78).

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

As of 12.
23: Exchange Total Inventory 180613 (+5791), Exchange Warehouse Receipt 157740 (0).

As of 12.
22, the domestic all-steel tire operating rate was 49.
75% (-6.
76%), and the domestic semi-steel tire operating rate was 58.
35% (-6.
48%)
.

On the supply side, the rainfall in Thailand, Vietnam, the main producing countries in Southeast Asia this week, is expected to increase the supply of raw materials during the rubber tapping season, and the price of glue has fallen; China basically ushered in a complete shutdown, and the price of raw materials in Hainan production area did not change much last week; On the demand side, the downstream tire operating rate continued to fall month-on-month last week, and the decline has expanded, short-term labor shortage and the slowdown in overseas export orders have also dragged down the tire operating rate, and the sales of heavy trucks have been low year-on-year; In terms of inventory, last week's social inventory, Qingdao Free Trade Zone inventory continued to accumulate slightly, RU inventory continued to accumulate slightly, with the decline in futures prices, the basis of the period has eased, the registration of new warehouse receipts has slowed down, NR warehouse receipt inventory continues to decline, and the inventory of finished tires at the end of consumption remains high
.
In the later period, as domestic economic activities gradually pick up, it is expected that the replacement market will improve month-on-month, and the rubber range will fluctuate
.