Rubber market under pressure
2024-06-19
On the market, the main 1601 contract of Shanghai rubber opened low and fluctuated on Wednesday, and closed at 12,310 yuan/ton at the end of the trading day, up 0.04% from the previous trading day, with an increase of 3,612 lots and a turnover of 666,186 lots.
On the news side, data released by the China Association of Automobile Manufacturers showed that my country produced a total of 1.518 million vehicles in July, down 17.99% from the previous month and 11.76% from the same period last year; sales were 1.503 million vehicles, down 16.64% from the previous month and 7.12% from the same period last year, and the overall sales volume continued to decline.
In terms of spot prices, the price of 13-year state-owned whole milk in the Shanghai market was around 10,600-10,650 (-200/-300) yuan/ton, the price of Vietnam 3L was 11,400-11,500 (-500/-500) yuan/ton, and the price of Thailand No. 3 tobacco leaf was 12,000 (0) yuan/ton. The price was stable but declined, and the actual order was negotiated. Synthetic rubber: Qilu Petrochemical styrene butadiene rubber 1502 market price is 9,500 yuan/ton (+200), butadiene rubber market price is 8,700 yuan/ton (0).
On the whole, the current rubber inventory in Qingdao Free Trade Zone has rebounded, and the downstream demand is bleak, and the overall performance of the natural rubber market is still sluggish. In addition, the continued decline in crude oil has dragged down the price of synthetic rubber, and the substitution effect has put pressure on the Shanghai rubber market. It is recommended to operate in the intraday range of 12,000-12,500, and pay attention to stop loss.
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