Macroeconomics

1. [Reverse Repo] The central bank will conduct a 500-billion-yuan outright reverse repo operation with a three-month term on June 5. With 800 billion RMB in three-month outright reverse repos maturing in June, the operation on June 5 will result in a net withdrawal of 300 billion RMB from the market; this marks the fourth consecutive month the central bank has rolled over three-month outright reverse repos with a reduced volume.

2. [US Initial Jobless Claims] US initial jobless claims rose by 13,000 last week to 225,000, exceeding economists' expectations and reaching the highest level since February of this year.

Plastics and Rubber

1. [PP] The Guangxi Petrochemical 400,000-ton/year integrated polypropylene project shut down all lines for maintenance on June 1; operations are expected to resume on June 9.

2. [Natural Rubber] On June 4, the natural rubber market in the Qingdao region trended downward; traders slightly lowered their previously high offers. Prevailing quotes for 2024-production Yunbao/Guangkeng/Haibao rubber were 17,800–18,000 RMB/ton; for 2025-production Yunbao/Guangkeng/Haibao, they were 18,100–18,300 RMB/ton; and for Vietnamese 3L rubber, they were 18,250–18,450 RMB/ton.

3. [Natural Rubber] On June 4, prices for natural rubber raw materials in Thai producing regions rose: ribbed smoked sheets were quoted at 92.20 THB/kg (up 1.95 THB/kg); field latex at 84.50 THB/kg (up 0.30 THB/kg); and cup lump at 74.05 THB/kg (up 0.75 THB/kg).

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