大越期货天胶早报-20250822

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The supply of natural rubber is increasing, the spot is strong, domestic inventories are starting to increase, and tire operating rates are at a high level. The market has support below, and short - long trading is recommended [4]. Summary by Directory 1. Daily Prompt - The supply of natural rubber is increasing, the spot is strong, domestic inventories are starting to increase, and tire operating rates are at a high level, with a neutral outlook. The basis is - 920 with the spot at 14800, showing a bearish signal. The exchange inventories increased week - on - week and decreased year - on - year, while Qingdao region inventories decreased week - on - week and increased year - on - year, remaining neutral. The price is running above the 20 - day line while the 20 - day line is downward, also neutral. The main position is net short with a reduction in short positions, being bearish. The market has support below, and short - long trading is recommended [4]. 2. Fundamental Data 2.1 Spot Price - The spot price of 2023 full - latex (non - deliverable) rose on August 21 [8]. 2.2 Inventory - Exchange inventories have changed slightly recently [14]. - Qingdao region inventories have changed slightly recently [17]. 2.3 Import - Import volume has rebounded [20]. 2.4 Downstream Consumption - Automobile production and sales have seasonally declined [23][26]. - Tire production reached a new high for the same period [29]. - Tire industry exports have declined [32]. 3. Basis - The basis strengthened on August 21 [35]. 4. Multi - empty Factors 4.1 Bullish Factors - Downstream consumption is high [6]. - Spot prices are resistant to decline [6]. - Domestic anti - involution [6]. 4.2 Bearish Factors - Supply is increasing [6]. - Domestic economic indicators are bearish [6].