Shanghai rubber rose slightly, and the fundamentals have not changed for the time being

Upstream, U.
S
.
crude oil inventories and production growth, crude oil futures fell to near two-month lows, Venezuelan oil exports may encounter force majeure, limiting the decline of Brent crude oil futures 。 On Wednesday (June 6), the July 2018 futures settlement price of West Texas Light Oil on the New York Mercantile Exchange was $64.
73 per barrel, down $0.
79, or 1.
2%, from the previous session, trading in a range of $64.
27-65.
96; the August 2018 futures of Brent crude oil on the Intercontinental Exchange in London settled at $75.
36 per barrel, down $0.
02 from the previous session, trading in a range of $74.
46-$76.
25
。 Brent crude August futures settled at a premium of $10.
66 per barrel to West Texas Light futures for the same period, a $0.
80
widening from Tuesday.
The settlement price of SC1809 crude oil fell 5.
4 to 460.
7 yuan / barrel, and rose 3.
1 to 463.
8 yuan / barrel in overnight trading, or 0.
67%.

In terms of spot, as of June 7, the average spot price of Thai USS3 rubber (11420, -100.
00, -0.
87%) was 47.
59 baht/kg, down 0.
34 baht/kg from the previous trading day, with a volume of 5.
76 tons; the mainstream price of cis-butadiene rubber in Qilu Chemical City was 12,350 yuan / ton, down 100 yuan / ton from the previous trading day; The mainstream price of natural rubber full latex in Shanghai was 11,000 yuan / ton, up 150 yuan / ton
from the previous trading day.

In terms of inventory, as of June 5, rubber stocks in Qingdao Free Trade Zone stopped falling and rebounded, with a total inventory of 175,200 tons, up 1.
6%
from May 16.
The main reason for the increase is that synthetic rubber stocks have increased rapidly, and natural rubber stocks have also recovered
a little.
As of June 7, rubber stocks on the Shanghai Futures Exchange were 447,370 tons, an increase of 1,330 tons
from the previous day.

In the downstream, as of May 18, the operating rate of all-steel tires was 78.
54%, up 3.
8% from last week; The operating rate of semi-steel tires was 74.
02%, up 1.
1%
from last week.

Shanghai rubber RU1809 rose slightly, briefly breaking the 10-day moving average during the session, but then quickly pared gains
.
In the spot market, the market quotation of tianjiao was raised, while the market price of synthetic rubber maintained a decline
.
On the supply side, June is the period of increasing production, and supply is expected to gradually increase
.
In terms of inventory, rubber stocks in Qingdao Free Trade Zone stopped falling and rebounded, and rubber inventories rose slightly; The increase in rubber stocks on the Shanghai Futures Exchange expanded, and there was pressure
on rubber inventories in the future market.
On the whole, the fundamentals of Shanghai rubber have not changed for the time being, the supply side is in a loose state, rubber inventories are rising, spot prices maintain a weak trend, and futures prices may fluctuate
downward.