Rubber downstream demand postponed Price increase momentum is still insufficient

On the 12th, the main closing price of No.
20 rubber futures was 8830 (-55) yuan / ton, Qingdao Free Trade Zone Thai standard rubber 1315 (-10) US dollars / ton, Malaysian standard rubber 1280 US dollars / ton (-5), Indonesia standard rubber 1270 (-10) US dollars / ton
.
The basis of the main contract is 14 (-11) yuan / ton
.
As of March 6: total stock on the exchange 244618 (+244), exchange warehouse receipt 238400 (0).

Raw materials: raw film 40.
88 (-0.
61), cup glue 31.
50 (0), glue 39.
5 (0), tobacco film 43.
39 (-0.
62).

As of March 5, the domestic all-steel tire operating rate was 47.
78% (+4.
25%), and the domestic semi-steel tire operating rate was 46.
14% (+4.
8).

Crude oil continued to fall, making the market panic still strong, and rubber futures remained weak
last day.
The latest port inventories, released this week, continued to pick up, with inventories now slightly higher than a year earlier, largely constrained by demand
.
At present, the main concern is that after the continuous decline of crude oil, the possibility of global recession and the development of overseas epidemics will have an increased impact on tire export demand in the later stage of rubber, and it is expected that domestic rubber inventory consumption will take time
.
Rubber prices are low, but the upward drive is still insufficient
.
Short-term real supply and demand will remain loose, domestic port supply will further increase and downstream short-term demand recovery will continue to increase port inventory pressure, we expect March to show a state
of accumulation.
The impact of the pneumonia epidemic at home and abroad has delayed the downstream demand for rubber, and the upward momentum of rubber in March is still insufficient and remains weak
.