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On January 21, Shanghai rubber continued to fluctuate downward, the range was about 250-350 yuan / ton, spot rubber was adjusted with the plate, and the mainstream quotation of natural rubber standard in East China was about 13610 yuan / ton, which was about 280 yuan / ton lower than on the 20th
.
At present, approaching the Spring Festival holiday, not only the epidemic prevention and control is severe, many logistics companies have been suspended, cargo transportation has been blocked, and the Beijing Winter Olympics is approaching, environmental protection requirements are strict, combined with the above factors, the operating rate of downstream enterprises has declined recently, and rubber demand is weak
.
In terms of crude oil, international crude oil prices closed slightly lower
on January 20.
The main contract of U.
S.
WTI crude oil futures settled at $85.
55 per barrel, down $0.
25, and the main contract for Brent crude futures settled at $88.
38 per barrel, down $
0.
06.
Previously, affected by tight supply, oil prices continued to rise, hitting a nearly seven-year high
.
U.
S.
crude oil inventory data released on the latter day showed that U.
S.
commercial crude oil inventories increased in the capital last week since November, and crude oil came under short-term pressure
.
In addition, the International Energy Agency (IEA) raised its oil growth forecast
for 2022.
Market participants widely expect the Omicron variant to have a limited impact on the global economic recovery, oil supply remains tight, investors believe the Fed is less hawkish than expected, and oil prices continue to rebound
.
In foreign production areas, Vietnam and northern Thailand have entered a period of reduced production since January, while southern Thailand is still in a high production period, and the output of Thailand's main producing areas will gradually decline at the end of the month; China's production areas are basically all stopped
.
It is reported that the shipping situation has eased slightly recently, and the amount of rubber arriving at Hong Kong has increased, while land transportation has been hindered by the overall impact of the epidemic, Spring Festival, Winter Olympics, etc.
; On the demand side, more and more enterprises have entered the holiday mode, coupled with environmental protection power rationing requirements, the downstream operating rate has dropped significantly, tire inventories are high, and rubber procurement demand continues to be weak
.
Rubber is difficult to go out of the direction under the long-short game, mainly testing each other, and maintaining a wide range of oscillations in
the short term.
Thailand's output trend is shrinking, Qingdao inventories have stopped falling and rising, but there is no expectation of a large increase, as time goes on to be beneficial to the bulls, the medium and long term maintain bullish expectations, on the basis of global inflation, rubber prices are now
undervalued.
