Rubber prices continue to fluctuate at a low level

Hainan Rubber: In 2021, the company will produce 102,000 tons of rubber products. The company’s main preliminary processing products include full latex rubber chemicals, concentrated latex, No. 20 standard rubber, etc., of which full latex rubber and No. 20 standard rubber are delivery certified by Shanghai Futures Exchange. target. This week, the operating rate of tire companies in Shandong increased slightly: the operating load of all-steel tires was 58.63%, an increase of 5.94 percentage points from last week and 1.37 percentage points higher than that of the same period last year; the operating load of semi-steel tires was 64.94%, 1.35% higher than last week percentage points, 11.8 percentage points higher than the same period last year. The global rubber tapping has entered the peak production season. In April, the output of ANRPC increased significantly year-on-year. The recent rainfall in China has been frequent, and the output release is limited. Domestic Hainan began to increase the volume, and the price of glue fell. Data show that in May this year, China’s total export of rubber tires was 690,000 tons, a year-on-year increase of 27.4%; the export value was about 11.471 billion yuan, a year-on-year increase of 35.7%. Among them, the export volume of new pneumatic rubber tires was 660,000 tons, a year-on-year increase of 28.5%; the export value was 10.975 billion yuan, a year-on-year increase of 36.7%. Calculated by the number of pieces, the export volume of new pneumatic rubber tires in May was 48.85 million, an increase of 4.8% year-on-year. 1653459547739918.jpg Institutional view Baocheng Futures: Short-term external systemic risks temporarily overwhelm the domestic economic stimulus policy, and the supply and demand structure of the rubber market fundamentals is weak. The supply pressure of rubber-producing countries will gradually manifest in the later period, and the demand side still needs to pay attention to the halving of the purchase tax of passenger cars. Whether the increase in demand brought about by the expropriation can resolve the supply pressure and macro risks in stages. In the overall bearish atmosphere, short-term domestic rubber futures are expected to maintain a weak trend of oscillation. Guohai Liangshi Futures: The rainfall in the main rubber producing areas in the world has increased, and the import in April fell sharply from the previous month. It is expected that the import volume will shrink in May, and the Qingdao Free Trade Zone will continue to go to the warehouse; the downstream demand is weak, and the inventory of tire finished products is under great pressure. It is expected that the short-term benefit will be limited. (Text/Jintou.com original title/The rainfall in the main producing areas of the world has increased, and the short-term domestic rubber futures are expected to maintain a weak trend of oscillation)