The downstream operating rate has improved, and Shanghai rubber profits are more supportive

Inventories in the Qingdao Free Trade Zone fell to 265,800 mt as of March 15, down 2.
1% from the end of last month, which remained supportive
of prices.

From the perspective of the top 20 main positions, net short positions have increased, and the market selling pressure is heavier
.

The downstream operating rate continues to improve, which also supports the price of Tianjiao, and the improvement of heavy truck data in February has also boosted market confidence, as far as March heavy truck data is concerned, there is still the possibility of improvement, mainly this year there are still a lot of fiscal stimulus policies
in China.

From the perspective of comprehensive supply and demand, the main foreign production areas are still in the period of suspension, and the domestic has not yet been cut
.
Moreover, according to the latest production area news, the Yunnan harvesting period is expected to be postponed to mid-to-late April, and the Hainan harvesting will also be until early May, so the support of seasonal supply contraction can continue
in March.
And the delay of domestic cutting is also a positive factor
for prices.
Therefore, it is still believed that there is still a lot of bullish support in March, and it is recommended that investors think long to treat, but because of the problem of high inventory, it limits the upper space of short-term Shanghai rubber, so it is not recommended to chase higher and adopt a strategy
of buying at the pullback.