Shanghai rubber reduced its position to close down, and volatility intensified during the day

News: 1.
Thailand's exports of tianjiao in June increased year-on-month, and exports to China increased
sharply.
2.
The General Administration of Customs issued an announcement
on bonded delivery of natural rubber futures.
3.
Global automobile production declined, and Michelin's profit margin fell
in the first half of the year.

Market quotation: the quotation of 17-year state-owned whole milk (Yunxiang) in the Shanghai market is 10600 (+50) yuan / ton; Vietnam 3L quotation 11100 (+50) yuan / ton; Thai No.
3 tobacco slices 12800 (+100) yuan/ton; Yunnan 18 years full latex 10750 (+50) yuan / ton
.
The purchase price of natural rubber fresh glue and dry rubber of Hainan State-owned Rubber Processing Plant remained stable at 9800 yuan / ton / ton
.
Thai Hat Yai raw material market raw film 46.
8 (+0) baht/kg; Tai San Tobacco Tablets 45.
45 (-2.
74) THB/kg; Field glue 42.
5 (-3.
1) baht/kg; Cup gum 34.
5 (-2) baht/kg
.
Synthetic rubber: Qilu petrochemical styrene-butadiene rubber 1502 market price in East China 10100 (+100) yuan / ton; The market price of cis-butadiene rubber is 10400 (+0) yuan / ton
.

Warehouse receipt inventory: warehouse receipt 407750 tons, +700 tons
.
Main positions: the top 20 long positions 69930, -4841; short positions 97221, -8199
.
Long and short are reduced together, and headroom is reduced
.

Summary: At present, domestic and foreign production areas are in the rubber tapping period, and the supply is gradually increasing
.
The recent sharp drop in raw material market prices in Thailand indicates that the source supply is sufficient
.
Although stocks outside the bonded zone have continued to decline recently, Thailand's exports of Chinese standard rubber increased sharply in June, and inventories will still recover
as imported sources continue to arrive at Hong Kong.
On the demand side, domestic heavy-duty truck sales in June fell sharply, coupled with the recent domestic tire consumption gradually entered the off-season, the operating rate of domestic tire factories continued to decline, and the demand side was not optimistic
.
However, the current price has fallen into the cost range, and the all-latex sticker mixed rubber may make the futures price decline space limited
.
Technically, the RU1909 contract rally is blocked, the pressure around 10750 above is greater, short-term focus on the support below 10500, it is recommended to trade
in the 10500-10750 range.