政策仍存托底作用 天然橡胶期货盘中高位震荡运行

Group 1 - Natural rubber futures experienced high volatility, with the main contract reported at 15,080.00 yuan/ton, a slight increase of 1.75% [1] - In Thailand, the natural rubber raw material market showed stability with slight declines; sheet rubber remained at 60.00 THB/kg, while cup rubber decreased by 0.30 THB/kg to 54.35 THB/kg [2] - As of early November, the total inventory of natural rubber in Qingdao reached 447,700 tons, an increase of 15,400 tons or 3.57% from the previous period, with general trade inventory rising by 4.36% [2] Group 2 - According to Guodu Futures, the global supply of rubber remains ample due to high production levels, with China's supply increasing by 4.4% year-on-year from January to August [3] - Domestic tire manufacturers maintain high operating rates, but their inventory levels are substantial, limiting their replenishment enthusiasm [3] - The ANRPC report indicates that global natural rubber production is expected to increase moderately by 1.3% in 2025 compared to 2024, amid improved production and subdued demand [2] Group 3 - According to Ruida Futures, the rubber supply situation in Yunnan has eased, while Hainan faces supply tightness due to severe weather, impacting normal harvesting operations [4] - Qingdao's total inventory is showing a significant accumulation trend, with general trade warehouses experiencing substantial increases, while tire manufacturers remain cautious in their purchasing [4] - The capacity utilization rate of domestic tire enterprises has slightly decreased, with some companies facing production halts, but overall production levels are expected to remain stable [4]