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Last Friday's US non-farm payrolls data unexpectedly weakened, slightly weakening the US dollar interest rate hike expectations, but in the face of the weak supply and demand structure of Shanghai rubber and high social explicit inventory, there are still downside risks
to the center of gravity of rubber prices in the future.
At present, the downstream consumption of tianjiao is weak, and the operating rate of tire factories that account for the demand dominance has declined significantly
compared with the same period in 2016.
According to statistics, the operating rate of all-steel tire manufacturers in Shandong last week was 64.
95%, down 1.
38 percentage points month-on-month and 9.
55 percentage points year-on-year, while the operating rate of semi-steel tires of domestic tire companies was 65.
83%, down 0.
84 percentage points month-on-month and 7.
40 percentage points
year-on-year.
Inventories in Qingdao Free Trade Zone continue to rise
.
According to statistics, as of the end of May, the rubber inventory in Qingdao Free Trade Zone continued to rise to 276,000 tons, an increase of 82,000 tons, or 3.
06%, from 267,800 tons in mid-May, of which Tianjiao was 215,900 tons, an increase of 09,100 tons, an increase of 4.
4%.
In summary, under the background of weak supply and demand and high spot inventory, Shanghai rubber quotations may continue to weaken
in the future.
