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From the perspective of the previous trading day, the spot price of the rubber market has stabilized, especially the price of synthetic rubber has been suspended today
after experiencing another bottom.
From the current point of view, it seems that the downward momentum of tianjiao has weakened, but it is still weak in fundamentals, and the possibility of tianjiao price rebound is relatively small
.
In terms of stocks, the total rubber stocks in Qingdao Free Trade Zone rose 13.
5% to 249,800 tons in early May, and the stocks of sky rubber rose 16% to 190,400 tons
.
Industrial Futures believes that the main producing areas at home and abroad have been cut one after another, rubber supply has remained abundant, and the operating rate of tire factories has declined more than expected, indicating that the demand has weakened significantly under the suppression of high inventory downstream, and the inventory in the bonded area is close to full, and the whole industry may enter the stage
of active destocking in the second quarter.
From the perspective of downstream demand, China's automobile production and sales in April fell year-on-year, indicating that the automotive industry has entered a critical state of cooling, terminal market demand is weak, downstream tire companies have reduced production, and the downward pressure on the rubber market is gradually apparent
.
The price of the main contract of Shanghai rubber futures has fallen by nearly 8%
since May.
Overall, the downstream demand of the rubber spot market has not been effectively stimulated, and it is expected to continue to be weak
.
