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In the last session, the rubber market remained weak
.
Upstream, U.
S
.
crude oil inventories fell for six consecutive weeks, crude oil production also fell for the first time since February, and U.
S.
refined oil inventories also fell, fearing that OPEC extended its production cut agreement, and European and American crude oil futures rose to a two-week high.
WTI crude oil recovered to around $49/barrel.
From the perspective of inventory, as of mid-May, rubber stocks in Qingdao Free Trade Zone continued to rise to 267,800 tons, an increase of 18,000 tons, or 7.
2%,
from 249,800 tons in early May.
Among them, natural rubber was 206,800 tons, an increase of 16,400 tons, an increase of 8.
61%; synthetic rubber 56,700 tons, an increase of 17,000 tons, an increase of 3.
09%; Composite rubber was 04,300 tons, a decrease of 0.
01 million tons, a decrease of 2.
27%.
In terms of downstream demand, agricultural film dealers are cautious to place orders, agricultural film manufacturers are not good production, there are not many start-up manufacturers, and most enterprises are shut down for maintenance
.
Agricultural film manufacturers have a wait-and-see attitude towards the current market, and the enthusiasm for stocking is low
.
The price of finished agricultural film products is narrowly sorted
.
In summary, downstream demand currently lacks room for improvement, and supply is gradually increasing
.
At present, only the lower price is supported
by the bullish.
Therefore, the future rebound space is limited, and rubber prices will still return to the downward path
.
