合成橡胶数据日报-20250822

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Unilateral: BR is expected to move upward in a consolidation phase; Arbitrage: After the spread widens again, consider going long on BR and short on RU or NR [3] Summary by Related Catalogs Market Overview - The domestic butadiene market showed minor fluctuations this period. Affected by partial plant maintenance and reduced operation, domestic butadiene production decreased. Although inventory increased due to ship arrivals, there was no significant pressure on the supply side. Meanwhile, the relatively good operation of downstream industries provided some support to the market [3] - The domestic cis - butadiene rubber supply maintained an increase. The market was influenced by macro - capital speculation and the significant trend of natural rubber. The supply prices of Sinopec and PetroChina's cis - butadiene rubber increased slightly. However, at the end of the period, due to rapid capital withdrawal from the futures market and some uncertain rumors about the upstream supply in China and South Korea, the futures and spot markets fluctuated widely [3] Price and Spread - Futures Market: The closing price of BR2510.SHF was 11,715 yuan/ton, up 0.51%; the settlement price was 11,790 yuan/ton, up 2.03%. The trading volume was 106,881 lots, down 36.78%; the open interest was 38,436 lots, down 62,183 lots or 36.78% [3] - Spot Market: The prices of domestic butadiene and cis - butadiene rubber in different regions showed different trends. For example, the price of butadiene in Shandong was 9,400 - 9,450 yuan/ton, and the price of cis - butadiene rubber in different brands and regions also had certain differences [3] - Futures Spread: There were various changes in monthly spreads, cross - month spreads, and cross - variety spreads. For example, the spread between the second and third contracts of BR increased by 200% to 5 yuan/ton [3] Operation Strategy - Unilateral: BR is expected to move upward in a consolidation phase; Arbitrage: After the spread widens again, consider going long on BR and short on RU or NR [3]