Demand is not driven upwards Rubber continues its weak trend

As of February 25: Exchange Total Inventory 249015 (+1170), Exchange Warehouse Receipt 237250 (+1240).

Raw materials: raw film 64.
99 (-0.
06), cup glue 52.
80 (+1.
5), glue 71 (+0.
5), tobacco film 68.
97 (+0.
08).

As of February 24, the domestic all-steel tire operating rate was 52.
78% (+19.
73%), and the domestic semi-steel tire operating rate was 55.
29% (+19.
11%)
.

Viewpoint: As of the end of last week, domestic port inventories continued to rise, with the further recovery of downstream demand, port outbound picked up significantly, but not as fast as the growth rate of warehousing, resulting in inventory continued to accumulate, while port accumulation continued to decline slightly, basically in line with the rhythm
of seasonal recovery of demand.
The domestic February heavy truck sales announced yesterday continued to show weakness, while the domestic epidemic spread also suppressed the short-term replacement market, and the weak demand for rubber was more obvious
for the plate suppression.
The pattern of raw materials continuing to be strong has led to the obvious compression of production profits in upstream factories, which is not conducive to the release
of later output.
From the perspective of price difference, the futures and spot spreads continue to narrow, and the spot of full latex is basically flat mixed rubber, and the price continues to fall, which is conducive to the digestion
of old whole milk.
Under the current futures price still in the premium pattern, there is no upward drive in demand, which will make the plate price continue to weaken.