Rubber prices follow market fluctuations and have limited room to continue to the downside

As of April 15: total stock on the exchange 260978 (+2068), exchange warehouse receipt 248120 (+1500).

Raw materials: raw film 67.
88 (0), cup glue 49.
9 (-0.
1), glue 63 (0), tobacco film 71.
18 (-1.
14).

As of April 14, the domestic all-steel tire operating rate was 56.
71% (+7.
28%), and the domestic semi-steel tire operating rate was 68.
38% (+1.
27%)
.

Yesterday's rubber price volatility was weak, and the recent price generally followed the fluctuation of the market atmosphere, and its own initiative was not strong
.
From a fundamental point of view, based on the weakness of the demand side, supply and demand are still weak
.
However, from the micro price difference, the RU non-standard price spread is at a low level, and the full latex is also lower than that of 3L and mixed rubber, and from the perspective of substitution, the downside space is limited
.
Recently, due to the limited recovery of domestic demand, Qingdao port inventory continued to recover slightly, but the rise has narrowed, and it is expected that it will take a long time for domestic demand to recover, so port inventory may continue to increase slightly in the later period, but the pressure will not be obvious
.
Overseas raw material prices have adjusted slightly, but absolute prices are still at a high level, and domestic raw material prices have also performed relatively firmly, and there is no concern
for short-term supply pressure.
It is recommended to wait and see
for now.