宝城期货橡胶早报-20250912

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - Both Shanghai rubber (RU) and synthetic rubber (BR) are expected to run weakly, with short - term and medium - term outlooks being oscillatory and the intraday view being oscillatory and weak [1][5][7]. 3. Summary by Variety Shanghai Rubber (RU) - Price Performance: On Thursday night, the domestic Shanghai rubber futures 2601 contract closed slightly lower by 0.13% to 15,860 yuan/ton [5]. - Driving Factors: The Fed's expected interest - rate cut has improved the macro - environment. Although it's the peak tapping season in Southeast Asian rubber - producing areas, the actual supply output has decreased slightly year - on - year, resulting in less supply pressure than expected. Meanwhile, the domestic auto market's production and sales are better than expected, the tire industry remains prosperous, and the export growth rate has rebounded, providing demand - side support [5]. - Outlook: It is expected that on Friday, the domestic Shanghai rubber futures 2601 contract may maintain an oscillatory and weak trend [5]. Synthetic Rubber (BR) - Price Performance: On Thursday night, the synthetic rubber futures 2511 contract closed slightly lower by 0.30% to 11,595 yuan/ton [7]. - Driving Factors: The Fed's expected interest - rate cut has improved the macro - sentiment. The downstream tire industry remains highly prosperous, with good export performance and strong domestic auto market production and sales. However, the intraday trend was affected by the oscillatory and weak performance of domestic and international crude oil futures on Thursday night [7]. - Outlook: It is expected that on Friday, the domestic synthetic rubber futures 2511 contract may maintain an oscillatory and weak trend [7].