The Shanghai rubber market opened high and fluctuated, and its performance was strong

News: 1.
China's imports of tianjiao fell by 30% in August, rebounding
month-on-month.
2.
North American light vehicle production reached a record high in August, and stocks were saturated
.

In terms of spot: the 15-year quotation of state-owned whole milk in the Shanghai market is about 11200 (-200) yuan / ton; Vietnam 3L quotation 11700-11800 (-100/-100) yuan/ton; 15 years Thailand No.
3 tobacco sheet 13400 (-200) yuan / ton; RMB mixed rubber 12000 (+300) yuan / ton
.
Thai Hat Yai raw material market raw film 52.
75 (+0.
5) baht/kg; Tai San tobacco tablets 55.
03 (+0.
4) baht/kg; Field glue 50 (+0.
5) baht/kg; Cup glue 44.
5 (+0.
5) baht/kg
.

Synthetic rubber: Qilu petrochemical styrene rubber 1502 market price in East China 11700 yuan / ton (0); The market price of cis-butadiene rubber is 13400 yuan / ton (+500).

At present, the operating rate of all-steel and semi-steel of domestic tire factories is stable at around 70%, higher than the same period last year, and the sales volume of heavy truck market has increased year-on-year, indicating that the overall downstream demand performance is better
.

From the perspective of circulation, as of mid-September, rubber stocks in Qingdao Free Trade Zone fell by 11.
5%, a new low in nearly five years; The domestic full latex price is obviously discounted with mixed rubber, which is conducive to the outflow of stock on the exchange, and the old rubber warehouse receipt is solved
.
Raw material prices in Thailand continue to rise, and the supply of new rubber is still relatively tight; The recent sharp rise in synthetic rubber has provided support
for the price of natural rubber.

Driven by the fundamentals of bullishness, the short-term Shanghai rubber 1701 contract may perform strongly, but it is necessary to be vigilant against the risk of the return of the current price spread, pay attention to the pressure around 13700, and recommend trading
in the 12900-13700 range.