Shanghai rubber warehouse reduction and shrinkage Market demand is not optimistic

News: 1.
Thailand's exports of tianjiao in June increased year-on-month, and exports to China increased
sharply.
2.
China's auto market in June fell year-on-year for 12 consecutive months, and production increased
month-on-month.
3.
The export volume of rubber in the first half of the year increased by 11%
year-on-year.

Market quotation: the quotation of 17-year state-owned whole milk (Yunxiang) in the Shanghai market is 10500 (-50) yuan / ton; Vietnam 3L quotation 11000 (-50) yuan / ton; Thailand No.
3 tobacco flakes 12750 (-50) yuan / ton; Yunnan 18 years full latex 10700 (-50) yuan / ton
.
The purchase price of natural rubber fresh glue and dry rubber of Hainan State-owned Rubber Processing Plant remained stable at 9800 yuan / ton / ton
.
Thai Hat Yai raw material market raw film 41.
44 (-1.
26) baht/kg; Tai San Tobacco Tablets 44.
75 (-1.
25) Baht/kg; Field glue 41 (-1) baht/kg; Cup glue 33.
8 (-0.
2) baht/kg
.
Synthetic rubber: Qilu petrochemical styrene-butadiene rubber 1502 market price in East China 10200 (+100) yuan / ton; The market price of cis-butadiene rubber is 10500 (+100) yuan / ton
.

Warehouse receipt inventory: warehouse receipt 411250 tons, +1600 tons
.
Main positions: the top 20 long positions 63692, -583; short positions 88116, -352
.
Long and short are reduced at the same time, and headroom is increased
.

Summary: At present, domestic and foreign production areas are in the rubber tapping period, and the supply is gradually increasing
.
The recent sharp drop in raw material market prices in Thailand indicates that the source supply is sufficient
.
Although stocks outside the bonded zone have continued to decline recently, Thailand's exports of Chinese standard rubber increased sharply in June, and inventories will still recover
as imported sources continue to arrive at Hong Kong.
On the demand side, domestic heavy-duty truck sales in June fell sharply, coupled with the recent domestic tire consumption gradually entered the off-season, the operating rate of domestic tire factories continued to decline, and the demand side was not optimistic
.
However, the current price has fallen into the cost range, and the all-latex sticker mixed rubber may make the futures price decline space limited
.
Technically, the RU1909 contract reduced its position and fell, focusing on the support around 10500 below in the short term, and it is recommended to trade
in the 10500-10700 range.