Rubber rebound blocked, futures price shock closed lower

News: 1.
ANRPC: Affected by the epidemic, global glue consumption in the first quarter fell by 19.
6% year-on-year, and production increased by 1.
8%.

2.
According to Longzhong information statistics, as of the week of March 26, the operating rate of domestic semi-steel tire manufacturers was 65.
19%, up 1.
25% month-on-month and down 2.
27% year-on-year; The operating rate of all-steel tire manufacturers was 65.
81%, up 1.
77% month-on-month and down 6.
90%
year-on-year.
3.
The epidemic may cause car sales in Europe to fall by 20%
this year.

Market quotation: Shanghai market 18 years state-owned full latex reported 9400 (-50) yuan / ton, Vietnam 3L reported 9700 (-100) yuan / ton, Thailand No.
3 tobacco film reported 11650 (-50) yuan / ton
.
Qingdao market STR20 stock spot reported 1120 (+20) US dollars / ton, Qingdao market STR20 April cargo reported 1120 (+20) US dollars / ton
.
Thai Hat Yai raw material market raw film 37.
07 (+0.
17) baht/kg; Tai San Tobacco Tablets 39.
02 (+0.
02) THB/kg; field glue 36 (+0) baht/kg; Cup gum 25.
5 (+0) baht/kg
.
Synthetic rubber: Qilu petrochemical styrene-butadiene rubber 1502 market price 8000 (+0) yuan / ton; The market price of cis-butadiene rubber is 7800 (+0) yuan / ton
.

Warehouse receipt inventory: RU warehouse receipt 236760 tons, - 200 tons; NR warehouse receipt 57175 tons, + 1815 tons
.
Main positions: RU2009 top 20 long positions 73686, + 2378; short positions 110662, + 4507; 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.
Although the operating rate of domestic tire factories is still picking up recently, export shipments are blocked, the pressure of competition in the domestic market has increased, and the room for the increase in the later operating range is limited
.
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 RU2009 contract is recommended to trade in the 9200-9650 range for the short term, and the NR2005 short-term is recommended to trade
in the 7300-7800 range.