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Natural rubber fell slightly on Friday night, with RU2109 closing at 12670 points, down 0.
82%.
After the price of natural rubber continued to fall, the spot market price did not follow significantly, the futures spot price spread narrowed, the arbitrage space was compressed, and the bears suppressed funds were expected
to decrease.
However, due to the weak supply and demand structure, the decline in raw material prices, the weakening of rubber cost support, the poor performance of demand ports, and poor sales of heavy trucks, etc.
, the rubber rebound space has been suppressed, and the market is expected to fluctuate
.
On the supply side, from May to July every year, the global seasonal production increase period, the recent decrease in rainfall in the main producing areas at home and abroad is conducive to the increase of raw materials, and raw material prices are still expected
to decline.
On the demand side, tire maintenance manufacturers gradually resumed work last week, and tire starts increased slightly month-on-month, but subject to slow shipments in the domestic market, coupled with serious obstruction of foreign trade shipments, it is expected that tire starts this week are expected
to decline.
At present, the finished product inventory of Shandong tire sample enterprises shows a continuous accumulation phenomenon, mainly due
to the recovery of some stopped and limited production manufacturers, and the poor transmission of downstream and internal and external sales.
Overall, supply growth expectations are relatively certain, while demand contraction is continuing, and no new drivers are visible
.
The high level of domestic inventories continued to deteriorate, but the pace of destocking slowed down
.
At present, the short positions of Shanghai rubber are relatively concentrated, and the short-term downside risk is still large, and the downward edge of the medium-term wide oscillation may move
down.
