Natural Rubber Daily Report: Destocking Provides Temporary Support, Inventory Accumulation Pressures the Outlook(Nov 6)

Natural Rubber Daily Report: Destocking Provides Temporary Support, Inventory Accumulation Pressures the Outlook

On November 6, the STR20 price index in the Qingdao natural rubber market was $2,415/ton, down $40/ton from the previous trading day.

Futures Market

Spot Market

Supply:

Overseas: Weather conditions in Thai producing areas improved, with increasing supply pressuring prices. Second-tier dealers actively sold goods, processing plants purchased at lower prices, and raw material prices continued to decline.

Vietnam is in the seasonal peak production stage, with tapping operations proceeding normally and latex output improving month-on-month.

Domestic: Yunnan producing areas are mainly experiencing rainfall, affecting the volume of raw materials.

Hainan producing areas are seeing intensified impact from rainy weather, with raw material prices remaining firm at high levels. Meanwhile, due to seasonal factors, the dry content of fresh latex has declined to the 27-28 range.

Demand:

It is understood that industry profit levels are generally modest, with some enterprises unable to reach full capacity. A few medium-to-large enterprises have relatively acceptable operating rates, mostly producing on demand, though some face incomplete product specifications and models.

Futures and Spot Price Overview

Market Outlook

Global supply has entered the seasonal production increase period, with new rubber output being released successively. The raw material side overall maintains a weak pattern, cost support is weakening, and rubber prices are under pressure. However, the decline in rubber prices has provided some stimulus for downstream factory restocking, with willingness to buy on dips strengthening. Natural rubber spot inventory may continue its destocking trend, providing phased support for prices. But from a medium-to-long-term perspective, as the peak production season deepens, seasonal inventory accumulation pressure remains. Overall, the short-term natural rubber market fundamentals lack upward momentum. As capital sentiment weakens, rubber prices are likely to exhibit range-bound consolidation.

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