Shanghai rubber warehouse reduction increment demand is not optimistic

News: 1.
In the first four months, Vietnam's natural rubber exports increased by 24.
5% year-on-year, and exports to China increased by 37.
4%.

2.
In the first quarter, Malaysia's tianjiao production increased by 12.
1%.

3.
In the first four months, China's imports of natural and synthetic rubber increased by 2.
3%
year-on-year.

Market quotation: the quotation of 17-year state-owned whole milk (Yunxiang) in the Shanghai market is 11450 (+50) yuan / ton; Vietnam 3L quotation 11800 (+50) yuan / ton; Thailand No.
3 tobacco tablets 13200 (+50) yuan / ton; Yunnan 18 years full latex 11350 (+50) yuan / ton
.
The purchase price of natural rubber fresh glue and dry rubber of Hainan State-owned Rubber Processing Plant remained stable at 12,400 yuan / ton
.
Thai Hat Yai raw material market raw film 50.
3 (-0.
5) baht/kg; Tai San tobacco tablets 53.
4 (0) baht/kg; Field glue 50.
8 (0) baht/kg; Cup glue 41.
5 (0) baht/kg
.
Synthetic rubber: Qilu petrochemical styrene-butadiene rubber 1502 market price in East China 11100 (0) yuan / ton; The market price of cis-butadiene rubber is 11200 (0) yuan / ton
.

Warehouse receipt inventory: warehouse receipt 421740 tons, -30 tons
.
Main positions: Top 20 long positions 102647, -2442, short positions 137327, -1887
.
Long and short are reduced at the same time, and headroom is increased
.

Summary: At present, the domestic production area has entered the rubber tapping period, and the supply has gradually increased
.
In terms of imports, Vietnam's exports to China increased sharply year-on-year in April, but with the strengthening of customs supervision over the import of mixed rubber, domestic imports may be slightly reduced
in the future.
From the perspective of inventory, exchange inventory and inventory outside the bonded zone have continued to increase, and supply pressure is still obvious
.
On the demand side, the recent operation of domestic tire factories has remained relatively good, but from the export data, the export decline in the first quarter of this year is obvious, and the demand side is not optimistic
.
Technically, the RU1909 contract is eyeing around 11400 and short-term recommendations are to trade
in the 11400-11700 range.