Shanghai rubber futures on Tuesday oversold bounce, the main post-1409 contract opened higher price limit straight, open circuit breakers during times but ultimately failed. 20 long and short positions prior to exchange data show day long holdings 3469, 494 short holdings to achieve clearance 10401. The spot market, the overall situation remained stable, Yunnan state full latex reported 13900-14400 yuan / ton, Hainan state full latex reported 14000-14100 yuan / ton.
Imports diminished, inventory record highs
ANRPC latest report shows that in January 2014, natural rubber (15600, 680.00, 4.56%) production decreased 20,100 tons, while consumption chain dropped 60,200 tons, stocks hit a new high since January 2013. Meanwhile, since last June, increasing imports of natural rubber, the latest customs statistics show that in February 2014, natural and synthetic rubber imports of 300,000 tons in January and February was 780,000 tons, compared with last year with the same period increased by 22%. A large number of imports led to the current domestic stocks continued to remain high. As of February 27, Qingdao Bonded rubber stocks to new highs, reaching 343,800 tons. Huge inventory from the side reflects the current supply and demand side still has not been significantly improved.
Start low, downstream demand incompetent
China Automobile Dealers Association released the inventory index, this year Feb. dealer inventory index was 58.2%, up 7.7% in January, exceeding the warning line. In this case, the Festival tire companies operating rate failed to rapid recovery. Currently the majority of domestic steel tire business unit normal production, steel tire-scale enterprises still operating. Market sentiment fell heavier materials, and manufacturers in order to ensure that the current prerequisite dare start the load upgrade.It is understood that a large tire factory operating rate in the Shandong region of 40% -50%, while small tire factory operating rate of around 80% over the same period in previous years and not.
Overall, the U.S. payrolls data was better than expected, raising expectations for Fed easing exit surge. Domestic central bank repo return funds, domestic economic prospects continue to impact the basic industrial products markets. From rubber fundamentals, Qingdao Bonded Rubber total inventory continues to increase, domestic supply is still excess inventory pressures expected to continue to drag on futures prices. Judging from the disk, Hujiao 1409 contract price oversold bounce, investors will test 15,500 yuan / ton line pressure up, short wait or try back 15,500 yuan / ton line rallies short, pay attention to risk control.
Translated by Google Translator from http://market.cria.org.cn/25/19631.html
