Shanghai rubber fell back after a slight upward revision, and the fundamentals are still lacking

Night trading: RU1809 contract opening price 10370 yuan / ton, the highest price 10370 yuan / ton, the lowest price 10285 yuan / ton, the closing price 10300 yuan / ton; It fell by 70 yuan / ton, or 0.
68%.

The opening price of the Nippon 1812 contract is 172.
7 yen/kg, the highest price is 173.
4 yen/kg, the lowest price is 171.
6 yen/kg, and the closing price is 172.
9 yen/kg; The trading volume is 1690 lots, and the position volume is 13116 lots
.

Domestic sales area market quotation: Shanghai market, Yunnan 16 years full latex quotation 10000 (0) yuan / ton; Shandong market, Yunnan 16 years full latex quotation 10100/10200 (0/0) yuan / ton; Hengshui market, Yunnan 16-year whole milk quotation 10300/10400 (-100/0) yuan / ton, Yunnan market, 17 years full latex quotation 10200/10300 (0/0) yuan / ton
.

The warehouse receipts of natural rubber futures in the previous period decreased by 20 tons
compared with yesterday.
The warehouse receipt of natural rubber futures in the previous period was reported at 475010 tons
.
Among them, Shanghai decreased by 10 tons, Yunnan increased by 80 tons, Shandong decreased by 90 tons, Tianjin Ping, Hainan Ping
.

As of July 2, 2018, the total rubber inventory in Qingdao Free Trade Zone increased by 3.
6% to 188,500 tons
.
The increase in the inventory of natural rubber, synthetic rubber and mixed rubber is a direct factor driving the growth of the total inventory in the current period, including 73,300 tons of natural rubber, 111,500 tons of synthetic rubber and 37,000 tons
of compound rubber.

The Shanghai rubber 1809 contract was weak and volatile on Friday, and continued to be weak
in overnight trading.
From the 60-minute K-line chart, the K-line is on the lower edge of the moving average system, and the technical indicator MACD green column turns red; On the daily chart, the K-line is on the lower edge of the moving average system, and the technical indicator MACD red bar continues
.
Trading volume declined, positions increased, and the technical picture was weak
.
The top 20 members held positions, long 98410 (+837), short 135193 (+2141), net short 36783 lots
.

【Viewpoint and operation suggestions】

1.
According to the General Administration of Customs, China's imports of natural rubber and synthetic rubber (including latex) totaled 604,000 tons in June 2018, down 6.
9% month-on-month and up 16.
2%
year-on-year.

Data show that in the first half of 2018, China's cumulative imports of natural and synthetic rubber (including latex) totaled 3.
334 million tons, down 2.
4%
year-on-year.

As of the close of the night trading 09-01, the spread closed at 1750 yuan / ton
.
The spot of whole milk premium on the plate was 100-300 yuan / ton, and the import data in June fell slightly from May and increased month-on-month
.
In the case of inverted prices of cargo and warehouses, the pressure on subsequent imports may be slightly eased
.
After the convergence of the futures spot spread, the momentum of the deep decline in the disk weakened, and the stabilization of domestic spot prices made Shanghai rubber get some support, Shanghai rubber fell after a slight upward revision, and the fundamentals still lacked upward support momentum
.
Overall, it is still oscillating on the 10,000-11,000 platform, and it is expected that in late July, with the further convergence and return of the spread, it may test the 10,000-point mark, affected by macro uncertainties, and the short-term shock idea continues
.