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Trade Service
Yesterday, Shanghai rubber continued to fall, especially the front-month contract was suppressed by warehouse receipts, showing signs of
breaking.
Yellen spoke dovishly in the early morning, and the weakening of the dollar may provide some support
for commodities.
Yesterday, the spot market followed the futures price downward, but the decline was limited, so that the futures and cash spread remained low; Yunnan has been cut this week, and the listing of new rubber in the later period will also continue to have an impact
on rubber prices.
Port dollar rubber prices also fell; Affected by the suspension of cutting and Thailand's domestic storage and storage, Thailand's raw materials are still strong, yesterday's raw material prices were adjusted individually, the overall still maintained an upward momentum, and the current internal and external inversion is still large
.
From the perspective of the top 20 main positions, the net short continued to decrease slightly, but the main net short was still dominant, making the selling pressure on the disk still heavier
.
From the perspective of comprehensive supply and demand, the supply reduction during the shutdown period and the continuous improvement of downstream construction have not changed, and the import of tianjiao in February fell by 21% year-on-year and 37% month-on-month; and inventory in Qingdao Free Trade Zone continued to decline as of March 15; The downstream operating rate continues to improve, which also supports the price of tianjiao, which will make the short-term rubber price still supported
.
Later, we need to pay attention to the domestic cutting situation in the next April, and how the progress of the new rubber is on the market; and whether the three-month heavy-duty truck data released in early April can continue to improve
year-on-year.
It is recommended that the bulls leave the market for the time being
.
