Under the weak pattern of supply and demand, rubber runs at a low level

Futures price difference: On 12.
29, RU main closed at 12685 yuan / ton (-130), NR main closed at 9585 yuan / ton (-120).

RU basis -535 yuan/ton (-20), NR basis 46 yuan/ton (+31).

RU non-standard price difference of 2110 yuan / ton (-55), tobacco chip import profit -97 yuan / ton (-287).

Spot market: 12.
29, full latex quotation 12150 yuan / ton (-150), mixed rubber quotation 10575 yuan / ton (-75), 3L spot quotation 11500 yuan / ton (-100), STR20# quotation 1380 US dollars / ton (-15), butylbenzene quotation 10600 yuan / ton (0).

Thai ingredients: raw film 44.
10 baht/kg (+0.
21), cup glue 38.
90 baht/kg (-0.
15), glue 43.
30 baht/kg (0), tobacco film 47.
61 baht/kg (+0.
52).

Domestic raw materials: Yunnan glue 10800 yuan / ton (0), Hainan glue 11350 yuan / ton (0).

As of 12.
23: Exchange Total Inventory 180613 (+5791), Exchange Warehouse Receipt 163620 (+1500).

As of 12.
22, the domestic all-steel tire operating rate was 49.
75% (-6.
76%), and the domestic semi-steel tire operating rate was 58.
35% (-6.
48%)
.

Opinion: On the supply side, the price of Thai glue will remain stable after the decline, and the Vietnamese production area will enter the production reduction season; China basically ushered in a complete stoppage, and the quotation of glue in Yunnan and Hainan did not change; On the demand side, the arrival rate of enterprise workers in Shandong sales area this week is low, and tire starts are running at a low level, paying attention to the return to work in Shandong; In terms of inventory, social inventory continued to accumulate slightly, and the inventory of finished tires in the sales area was high, and the destocking was general; Even if the progress of returning to work is accelerated, the actual sales time period approaching the Spring Festival is short, and it is difficult to significantly improve
the fundamentals.