Group 1 - The core viewpoint from Guotai Junan Futures indicates that the overall trend of synthetic rubber is expected to remain under pressure in the future [1] - Ningzheng Futures anticipates that synthetic rubber prices will continue to exhibit a weak oscillating trend [2] Group 2 - Guotai Junan Futures notes that short-term support for butadiene rubber futures prices is observed due to two main reasons: the widening NR-BR price spread and a slight rebound in the prices of butadiene and butadiene rubber, supported by a temporary improvement in the overall synthetic rubber industry chain's spot transactions [1] - The report highlights that the natural rubber sector remains relatively strong, providing some support for prices, while the upcoming weather-related trading expectations and low warehouse receipt numbers are similar to trading logic observed in late November 2024 [1] - The mid-term outlook for butadiene indicates significant pressure due to high supply, with an increasing inventory pressure as supply growth outpaces demand growth [1] - Ningzheng Futures emphasizes that the raw material side continues to be suppressed by increased domestic supply, while tire manufacturers face shipment pressures and foreign trade orders fall short of expectations, leading to reduced capacity utilization [2] - The report mentions that the price of butadiene is nearing the cost range, and any further decline will depend on a simultaneous drop in crude oil prices [2] - Despite the high profit levels of butadiene rubber and the significant price spread with butadiene, it will take time for this to be corrected [2]
供需驱动偏弱 预计合成橡胶后续仍承压运行
Jin Tou Wang·2025-11-21 07:08