Shanghai rubber contract reduced position increment futures price weak downward

News: 1.
Bureau of Statistics: China's tire production in June increased by 12%
year-on-year.
2.
Bureau of Statistics: China's synthetic rubber production in June increased by 6.
5% year-on-year to 691,000 tons
.
3.
China Association of Automobile Manufacturers: Commercial vehicle production and sales in June fell
sharply year-on-year.

Market quotation: Shanghai market 19 years state-owned full latex reported 12600 (-550) yuan / ton, Vietnam 3L reported 12400 (-450) yuan / ton
.
Qingdao market STR20 stock spot reported 1685 (+0) US dollars / ton, Qingdao market STR20 August cargo reported 1685 (+0) US dollars / ton
.
Qingdao area RMB Thai mix 12200 (+0) yuan / ton, RMB horse mix 12100 (+0) yuan / ton
.
Hainan state-owned glue into the whole dairy plant 12000 (-300) yuan / ton, into the concentrated dairy plant 12000 (+0) yuan / ton
.
The purchase price of glue from dry rubber factory in Yunnan production area refers to 12.
1-12.
5 (+0/+0) yuan/kg, and the purchase price of glue in concentrated dairy plant refers to 12.
2-12.
4 (+0/+0) yuan/kg
.
Thailand Hat Yai raw material market field glue 42 (-1.
5) baht/kg; Cup glue 43.
65 (-0.
35) baht/kg
.
Synthetic rubber: Qilu petrochemical styrene-butadiene rubber in North China 1502 market price 13900 (+0) yuan / ton; The market price of cis-butadiene rubber is 14100 (+0) yuan / ton
.

Warehouse receipt inventory: RU warehouse receipt 177910 tons, - 210 tons; NR warehouse receipts 49,716 tons, - 887 tons
.
Main positions: RU2109 top 20 long positions 101230, - 3521; short positions 147323, -3572; long and short with reduction, net short reduction
.

Summary: At present, it is in the seasonal production cycle of global tianjiao, the weather in the main producing areas is relatively normal, and the raw materials are increasing, but the epidemic situation in the major rubber-producing countries in Southeast Asia is grim, and it is necessary to beware of supply risks
in the production areas in the later stage.
The output of raw materials in domestic production areas is high, and the price of glue into the concentrated dairy plant and the full latex plant is flat, which is conducive to the increase of the amount of
full latex.
Yunnan's alternative planting indicators began to be announced and are expected to be issued in late July, but the number of indicators has been significantly reduced compared with last year, and the impact on the market is expected to weaken.

In terms of inventory, the bonded inventory in Qingdao has recently stopped falling slightly, and the general trade inventory has recovered significantly, and after the continuous decline of the previous inventory, the current inventory decline has slowed down
.
On the demand side, the early maintenance manufacturers resumed work, and the operating rate of domestic tire factories rebounded significantly last week, but the overall level was still lower than the usual level
.
Due to weak domestic and foreign sales, slow factory shipments, high raw material prices, and cautious factory starts, the short-term operation upward adjustment space may be limited
.
Fermented by the overseas epidemic, international oil prices have suffered heavy losses, intraday rubber prices have weakened, RU2109 contracts focus on support around 12920 in the short term, NR2109 contracts focus on support around 10300, should not be overly short-chasing
.