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Daily Market Review on Specified Futures Products 2020.03.02

Fang submitted 2020-03-02 09:59:35

Natural Rubber

Overseas rubber went down sharply. The main force contract of TF05 fell by 5.7 or 4.27% to 127.8. The main force contract of JUR07 fell by 1.1 or 0.64% to 170.5. The SHFE rubber slumped. The main force contract of RU05 fell by 685 or 6.10% and closed at 10,550, and the main force contract of NR05 fell by 580 or 6.06% and closed at 8,995. The quoted price for Qingdao rubber in USD fell by $40 to $50 per ton. The quoted price of RSS3 was $1,590 per ton. The spot price or CIF of STR20 was $1,310 to $ 1,320 per ton. The CIF of SMR20 in August was $1,340 per ton. The CIF of mixed rubber from Thailand in June was $1,350 per ton.

Gasgoo: On February 26, the international credit rating agency Moody's Investment Services lowered its global car sales forecast for 2020, saying that the outbreak of a new coronavirus will reduce the demand and disrupt the car supply chain. It is estimated that global car sales will decline from 90.3 million to 88.0 million in 2020, a decrease of 2.5%, exceeding the previously estimated decrease of approximately 0.9%. Moody's predicts global GDP growth of 2.4% in 2020, but its outlook on the automotive industry is still negative, after all, global car sales in 2019 have dropped by 4.6%. The agency said that by 2021, global car sales will rebound slightly, an increase of 1.5%.

It is the Farmers' Day in Myanmar and the local market is closed. As of February 28, and the SHFE rubber inventories totaled 244,000 tons, and the futures inventories were 238,000 tons, and the difference between the two was 0.6 million tons, which was significantly lower than the historical average of 30 million tons and at the lowest level in the same period. NR inventories subtotaled 62,000 tons, and futures inventories were 44,000 tons, and the difference was 18,000 tons, a slight increase of 0.6% week-on-week.

Futures Operation Advice: The SHFE rubber dropped sharply in panic on Friday, like the trend of nonferrous futures. As for the main RU05 contract, it is advised to maintain the bearish strategy and focus on the support at the low level at 10,280 below.

(For reference only)

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