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On Wednesday, the rubber RU2009 contract opened lower and higher, and the futures price closed higher
.
The current price closed at 10070, +1.
92% from the previous trading day; Volume 314869 lots, position volume 162218 lots, +4343, basis -320; RU9-1 spread -1390
.
The NR2005 contract futures closed at 8200, +4.
79% from the previous session; Volume 8132 lots, position volume 10950 lots, +214; NR5-6 spread -70
.
News: 1.
According to Longzhong Information statistics, as of the week of April 2, the operating rate of domestic semi-steel tire manufacturers was 64.
3%, down 0.
89% month-on-month and 3.
25% year-on-year; The operating rate of all-steel tire manufacturers was 66.
49%, up 0.
68% month-on-month and down 5.
62%
year-on-year.
2.
Production demand stagnated, and the American tire plant continued to close
.
3.
Pirelli's global tire market is expected to decline by 19%.
Market quotation: Shanghai market 18-year state-owned full latex reported 9750 (+150) yuan / ton, Vietnam 3L reported 9950 (+100) yuan / ton, Thailand No.
3 tobacco film reported 12000 (+100) yuan / ton
.
Qingdao market STR20 warehouse spot reported 1110 (+10) US dollars / ton, Qingdao market STR20 April cargo reported 1120 (+20) US dollars / ton
.
Thai Hat Yai raw material market raw film 36.
45 (+0) baht/kg; Tai San tobacco tablets 39.
6 (+0.
31) baht/kg; field glue 36.
1 (+0.
1) baht/kg; Cup gum 25.
85 (+0.
15) baht/kg
.
Synthetic rubber: Qilu petrochemical styrene-butadiene rubber 1502 market price 7700 (+0) yuan/ton; The market price of cis-butadiene rubber is 7400 (+0) yuan / ton
.
Warehouse receipt inventory: RU warehouse receipt 236550 tons, +0 tons; NR warehouse receipts 65036 tons, + 806 tons
.
Main positions: RU2009 top 20 long positions 75001, + 1816; short positions 113777, + 1877; long and short increased, net short increased
.
Summary: From the current fundamental point of view, low-priced crude oil has caused the price of synthetic rubber to follow the decline, which has a certain drag
on the price of natural rubber.
Coupled with the continued spread of the overseas epidemic, it will adversely affect China's tire exports to the European and American markets, and many overseas tire factories and automobile manufacturers have stopped production, putting pressure
on global demand for natural rubber.
Due to the reduction of export orders, the inventory of finished products of manufacturers has increased, so tire manufacturers have appropriately reduced production schedules, and some operating rates have declined
.
Due to the slow recovery of demand, rubber stocks in Qingdao have continued to rise recently, and the later destocking process may be longer
than in previous years.
The recent rebound in international crude oil prices has driven rubber prices upward, but there is a lack of demand side drive, and the rebound space is expected to be limited
.
