Demand continues to weaken, rubber rebound hindered and falling

News: 1.
According to Longzhong statistics, as of the week of July 2, the operating rate of semi-steel tire sample manufacturers was 67.
95%, up 0.
34% month-on-month and down 3.
34% year-on-year; The operating rate of all-steel tire sample manufacturers was 71.
39%, up 0.
75% month-on-month and down 0.
71%
year-on-year.
2.
Cambodia's rubber exports in the first five months increased by 17%
year-on-year.
U.
S.
tire imports in March and May continued to decline
month-on-month.

Market quotation: Shanghai market 18-year state-owned full latex reported 10500 (+150) yuan / ton, Vietnam 3L reported 11000 (+50) yuan / ton, Thailand No.
3 tobacco film reported 12900 (+100) yuan / ton
.
Qingdao market STR20 warehouse spot reported 1260 (+15) US dollars / ton, Qingdao market STR20 July cargo reported 1260 (+15) US dollars / ton
.
Domestic Yunnan Xishuangbanna glue is 9.
5-9.
7 (+0/+0) yuan/kg
.
Synthetic rubber: Qilu petrochemical styrene-butadiene rubber 1502 in North China Market price 8200 (+0) yuan / ton; The market price of cis-butadiene rubber is 8400 (+0) yuan / ton
.

Warehouse receipt inventory: RU warehouse receipt 229620 tons, -70 tons; NR warehouse receipts 45,954 tons, -1,089 tons
.
Main positions: RU2009 top 20 long positions 88259, +1265; short positions 136883, -1873; increase and decrease short, net space decrease.

Summary: From the current fundamental point of view, the current output of Banna raw materials is stable and upward, some areas have returned to normal levels, and it is heard that alternative planting raw materials are likely to enter in late July, and domestic supply has increased
significantly in the later period.
The production capacity of new rubber in the Thai production area has been released, and the raw materials in the production area are also gradually increasing
.
In terms of inventory, as of July 3, Qingdao Free Trade Zone accumulated slightly, but there was a small destocking of inventory outside the zone, and the overall inventory in Qingdao area decreased
slightly.
In the downstream, the operating rate of the domestic tire market rose slightly month-on-month last week, the domestic market shipped generally, the demand for supporting markets continued to weaken, and the replacement market was in the seasonal off-season; The overseas economy is in a state of slow recovery, the export market has concentrated shipments, and the inventory of finished products has fallen
slightly.
From the terminal point of view, the sales volume of heavy trucks is good, and the performance of tire supporting demand in the later period is expected to be better
driven by infrastructure.
On the market, the RU2009 contract rebound was blocked and retreated, focusing on the support around 10470 in the short term, it is recommended to trade in the 10470-10700 range, and the NR2009 contract is recommended to trade
in the 8860-9100 range.