Strong support under the rubber, but there is a short pressure

As of January 7: total stock on the exchange 234800 (+3945), exchange warehouse receipt 215510 (+7100).

Raw materials: raw film 55.
01 (+0.
51), cup glue 48.
4 (+0.
4), glue 54.
5 (+2.
5), tobacco film 59.
32 (+0.
92).

As of January 6, the domestic all-steel tire operating rate was 52.
03% (-9.
69%), and the domestic semi-steel tire operating rate was 60.
05% (-3.
65%)
.

Driven by the obvious improvement of the domestic market atmosphere and the continued dematerialization of Qingdao port inventory, rubber prices continued to fluctuate strongly this week
.
The domestic downstream has entered the seasonal off-season, the recovery of the plate has also brought a slight widening of the futures price difference, and the intervention of the arbitrage plate has also increased the demand for spot procurement, but the downstream raw material procurement demand has cooled significantly, resulting in the decline in domestic port inventories in recent weeks
.
Domestic rubber presents a weak pattern of supply and demand, demand expectations have become the main driving factor of the plate, while the price of raw materials in Thailand's main producing areas continues to rise, under the peak season supply, raw material prices remain strong, or reflect that the supply pressure is not large, but also give strong support below the rubber price, but once the market sentiment cools, there is also short-term pressure
.
Therefore, we maintain the view that the center of gravity of rubber prices is gradually moving upwards and do not chase up
.
Pay attention to the changes
in domestic port inventory in the later stage.