China NR Prices to Go down
In August, China’s natural rubber prices increased at first and then went down, and the highest Shanghai natural rubber futures price surpassed RMB 15,000/mt. However, Shanghai natural rubber future prices greatly declined from August 19 due to the sluggish supply-demand fundamentals and bearish market sentiment. By the end of August, Shanghai natural rubber futures prices dropped rapidly.
As seen from the supply side, the public health event will influence the production and resource transportation. Moreover, influenced by the high ship freight and the insufficient containers, China’s natural rubber import arrivals will delay. Besides, the social inventory will continue to decline, underpinning the natural rubber prices.
As seen from the demand side, market participants need to pay attention to China’s tire market and the improvement in foreign demand.
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