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In the rubber producing countries rainy weather increased, rubber farmers suitable for rubber tapping, new rubber supply pressure highlighted and black commodities continued to decline, overnight domestic Shanghai rubber futures continued to show a sharp downward trend, the center of gravity of futures prices continued to move down, the main 1609 contract shock down to 11150 yuan / ton line, market bears dominated
.
At the close of trading, the Shanghai rubber 1609 contract was sharply lower by -5.
03% or -595 yuan/ton
.
Spot market: the 14-year quotation of state-owned whole milk in the Shanghai market is about 10800 (-400) yuan / ton; Vietnam's 3L quotation is at 11700 (-250) yuan / ton; 15 years Thailand No.
3 tobacco tablets 12300-12350 (-350/-300) yuan/ton; RMB mixed rubber 10850-10950 (0/0) yuan/ton
.
Thai Hat Yai raw material market raw film 58.
67 (-1.
52) baht/kg; Tai San tobacco tablets 62.
26 (-1.
3) baht/kg; Field glue 60 (-0.
5) baht/kg; Cup glue 47 (-1) baht/kg
.
News side: 1.
As of mid-May 2016, rubber stocks in Qingdao Free Trade Zone fell by 5.
9%.
2.
Brazil's auto market in April fell 26% y/y, while passenger car sales decreased by 26%.
Warehouse receipt inventory: Exchange warehouse receipts reported 291240 tons, an increase of 9420 tons
.
On the whole, the inventory of Qingdao Free Trade Zone is still declining, and the operating rate of downstream tire factories continues to fall
.
With the successive opening of domestic rubber production areas, the supply and demand of raw materials are tight or eased, but the supply of production areas has not yet increased, precipitation is still less than in previous years, positive factors still exist, and fundamentals do not support the continuation of the sharp decline in futures
.
Overnight, the Shanghai rubber 1609 contract rebounded, focusing on the 20-week moving average support, and it is recommended to operate
cautiously under the unstable market sentiment.
