Short-term supported by supply side rubber prices firm

As of May 20: Exchange Total Inventory 269347 (+2224), Exchange Warehouse Receipt 254670 (+690).

Raw materials: raw film 64.
58 (+0.
7), cup glue 47.
65 (+0.
20), glue 67.
2 (+0.
2), tobacco film 69.
59 (+0.
39).

As of May 19, the domestic all-steel tire operating rate was 54.
53% (-1.
11%), and the domestic semi-steel tire operating rate was 62% (+1.
51%)
.

Opinion: As of the end of last week, domestic port inventories continued to recover slightly
.
Last week, both inbound and outbound warehouses declined, but due to weak demand, outbound declines faster led to continued inventory accumulation
.
At present, rubber shows a pattern of slow supply increase and slow demand increase
.
Because the worst time of demand has passed, with the comprehensive lifting of Shanghai, it will usher in a month-on-month improvement, but at present, due to the poor actual demand, the impact of the overall demand side is declining, and the market focus is more on the supply side
in the short term.
Raw material prices at home and abroad have performed firmly, due to the delay in cutting in Hainan's main producing areas and high prices of concentrated milk, the domestic raw material diversion has led to a decrease in the output of full latex, and cost is the most important supporting factor
in the current market.
Raw material prices in Hainan's main producing areas are still rising, and it is expected that the support of raw material diversion on rubber prices will continue
until the price of concentrated milk does not fall.