Qingdao STR20 Rubber Price Aug 8

Index
On August 8, the STR20 price index of natural rubber in the Qingdao market was $1,780/ton, up $5/ton from the previous trading day.

Market Analysis

Futures Market:

Spot Market Supply:

Foreign: Weather improved in Thailand this week, but geopolitical conflicts persisted, keeping cup rubber prices firm. Seasonal production in Vietnam increased, but factories increased their purchase prices, supporting strong raw material prices.

Domestic: Continuous rainfall in Yunnan suppressed raw material output, keeping rubber prices high. Improved weather in Hainan led to the resumption of rubber tapping, but the pace remained slow, with factories restocking, pushing up raw material prices. 

Demand: It is understood that some semi-steel tire manufacturers have suspended or reduced production, which has put a damper on overall production. For full-steel tires, some companies that underwent maintenance resumed work during the week, while others faced stock shortages. A moderate increase in production has led to an increase in overall production, but some companies still scheduled maintenance during the week, limiting the overall increase in operating rates.

Futures and Spot Price Overview

Market Forecast

Today, the main rubber futures contract saw volatility, with spot prices fluctuating within a narrow range. The market's center of gravity remained unstable, leading to a cautious trading atmosphere. Cost and supply support were limited, downstream demand was weak, and spot inventory drawdowns fell short of expectations, cooling market buying sentiment.

The current market lacked further positive catalysts, and rubber prices lacked the momentum to rebound. We expect rubber prices to remain in a period of slight fluctuation and consolidation in the short term.

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