The rubber tapping season is still oversupplied, and the rebound of rubber futures prices is weak

News: 1.
According to wind data, as of last Friday, the domestic all-steel tire operating rate was 69.
65%, and the semi-steel tire operating rate was 66.
80%.

This was down
from the previous week.
2.
In August 2019, Thailand's export of natural rubber to China was doubled
.
In March and August, the heavy-duty truck industry rose by 2%, and XCMG heavy-duty trucks increased first
.

Market quotation: the quotation of 17-year state-owned whole milk (Yunxiang) in the Shanghai market is 11050 (+250) yuan / ton; Vietnam 3L quotation 11100 (-100) yuan / ton; Thailand No.
3 tobacco tablets 13650 (+250) yuan / ton; Yunnan 18 years full latex 10950 (+100) yuan / ton
.
The purchase price of natural rubber fresh glue and dry rubber of Hainan State-owned Rubber Processing Plant remained stable at 10,800 yuan / ton
.
Thai Hat Yai raw material market raw film 39.
47 (-0.
16) baht/kg; Tai San tobacco tablets 40.
67 (-0.
84) baht/kg; field glue 40 (+0) baht/kg; Cup gum 33.
5 (+0) baht/kg
.
SMR20 Qingdao Free Trade Zone warehouse warehouse price increase of 1345 (+0) US dollars / ton; SIR20 Qingdao Free Trade Zone warehouse warehouse price increase of 1345 (+0) US dollars / ton; STR20 Qingdao Free Trade Zone warehouse price increase of 1355 (+0) US dollars / ton
.
Synthetic rubber: Qilu petrochemical styrene-butadiene rubber 1502 market price in East China 11100 (0) yuan / ton; The market price of cis-butadiene rubber is 12000 (0) yuan / ton
.

Warehouse receipt inventory: RU warehouse receipt 409210 tons, -2040 tons; NR warehouse receipt 0 tons
.
Main positions: RU2001 top 20 long positions 77838, -85; short positions 113585, +714
.
Reduce more and increase the short, and increase the headroom
.

Summary: At present, domestic and foreign production areas are in the rubber tapping period, and the weather in Southeast Asia is better, and the supply will increase significantly in the later period
.
On the demand side, the start of semi-steel tire and all-steel tire manufacturers rose slightly this week, but environmental protection factors before the National Day made some factories in Shandong region expect to stop production and limit production, and the overall start of tire manufacturers will decline slightly
.
At present, the rubber tapping season is still facing an oversupply situation, and the rebound of futures prices is weak
.
However, the recent strong performance of synthetic rubber due to the sharp rise in butadiene prices has supported Shanghai rubber
.
Technically, the RU2001 contract price rose steadily, and the foot below stepped on the 11900 line, but combined with the current fundamentals, Shanghai rubber is still dominated by range fluctuations in the short term; The NR2002 contract followed the rise of Shanghai rubber, breaking above 10200, and then pay attention to the pressure around 10300, and it is recommended to trade
in the 10050-10300 range in the short term.