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Last week, the main 1901 contract of Shanghai rubber reduced its position and contracted, and the futures price rose
slightly.
The current price closed at 10870 yuan / ton, up 0.
09% from the previous trading day, reducing positions by 20518 lots, and trading 224110 lots
.
According to the latest data released by Thai customs, Thailand's natural rubber exports in October were 321,900 tons, a slight decrease of 1.
09% year-on-year and a sharp increase of 13.
83%
month-on-month.
In terms of varieties, standard rubber accounted for 47% of the total exports, latex accounted for 37% of the export volume, tobacco film glue accounted for 11%, and the export of other rubber accounted for a relatively small
proportion.
The export volume of standard rubber was 149,900 tons, an increase of 26.
42% year-on-year and 31.
78% month-on-month, ending five consecutive months of month-on-month decline
.
In October, the market expected an increase in output in Thailand and a rubber factory to increase cargo sales; China's traditional import peak period is gradually starting, and traders and product factories have the need to
replenish stocks in advance.
The export volume of latex was 118,200 tons, an increase of 8.
49% year-on-year and 9.
65%
month-on-month.
China's latex market continued to be sluggish, traders showed obvious losses, and the downstream was mainly
based on just needing replenishment.
The export volume of tobacco flake gum was 36,700 tons, down 47.
66% year-on-year and 17.
57%
month-on-month.
The price of tobacco flake glue raw materials is high, the profits of processing plants are squeezed, and the market lacks arbitrage space
.
Thailand's natural rubber exports are expected to maintain month-on-month growth
in November.
During the peak season of rubber tapping in Thailand and the peak season of Chinese imports, the center of gravity of cargo offers has shifted downward, stimulating traders to take orders
.
However, the industry is mostly bearish on the future market, and the procurement mentality is cautious, and Thailand's rubber exports in November are not as good as the same period
last year.
The pattern of rubber oversupply is difficult to reverse, [10000, 11000] range is relatively solid, it is recommended to rely on the bottom to rebound short
.
