Rubber social inventories continued to recover slightly

Ingredients: raw film 44.
8 baht/kg (-0.
2), cup glue 37.
7 baht/kg (+0.
2), glue 44.
1 baht/kg (0), tobacco film 47 baht/kg (+0.
28).

As of 11.
18: total stock on the exchange is 328280 (+6416), and the warehouse receipt is 299830 (+2260).

As of 11.
17, the domestic all-steel tire operating rate was 61.
56% (+10.
57%), and the domestic semi-steel tire operating rate was 67.
59% (+8.
62%)
.

Opinion: As of the end of last week, domestic social inventories continued the trend
of small accumulation.
With the entry of domestic index rubber, Yunnan's inventory has gradually recovered, and the cumulative domestic import volume is also rising, with the gradual entry of imported rubber, the domestic supply pressure in the later period may gradually appear
.
However, domestic rubber is nearing the end, the domestic Yunnan production area is expected to stop cutting at the end of this month, Hainan will also stop cutting at the end of December, domestic rubber supply increment is limited, strong support for RU
.
The changes on the supply side are different, and it is expected that there is room for expansion of the RU and NR
spreads in the later period.