Tianjiao quotation is weak downward downstream demand needs to be stimulated

First of all, although the fundamentals of Tianjiao are still bearish, but the futures market has warmed up slightly, signs of stopping the decline have gradually emerged, and the continuous suppression of the spot market has ended, spot and futures trend slightly ups and downs, but the market has not really improved, because the current supply and demand relationship, the market is still bearish-based, Southeast Asia Tianjiao is rich in supply, rubber tapping season, export sources surge, Tianjiao market capacity is limited, resulting in continuous decline in prices
.
China's high imports and severe pressure on port inventories have further weighed on domestic market prices
.

Second, domestic supply is still excessive, and rubber depots in the bonded zone continue to increase, increasing for seven consecutive months; Among them, the main growth variety is still natural rubber, and the inventory of synthetic rubber has also continued to rise
.
Oversupply is the main reason
for the price decline.
In addition, the downstream tire industry has not improved much, the support is weak, and the backlog of finished tire inventory suggests that the rubber terminal demand has not really improved
.
The decline in tire prices has also weighed on
the market.

At present, Tianjiao is still in the stage of destocking, and the supply is still oversupply, and on the demand side, the downstream tire operating rate is mainly stable, it is difficult to improve much in the near future, and the contradiction between supply and demand is difficult to alleviate
in the near future.
In addition, the price of synthetic rubber fell sharply in the early stage, and the current price was low, which also squeezed out part of the demand for tianjiao, so it is expected that tianjiao will continue to decline in the near future
.