大越期货投资咨询部金泽彬

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The supply of natural rubber is increasing, the spot is strong, domestic inventory is starting to decrease, and the tire operating rate is at a high level. The market has support below, and it is recommended to buy on dips [4]. 3. Summary According to the Directory Daily Prompt - The fundamentals of natural rubber are neutral with increasing supply, strong spot, decreasing domestic inventory, and high tire operating rate. The base - spread is -415 (spot price 14800), which is bearish. The inventory shows different trends in the exchange and Qingdao area, overall neutral. The price is above the 20 - day line, which is bullish. The main position is net short with a decrease in short positions, which is bearish. The market has support below, and it is advisable to buy on dips [4]. Fundamentals Data - Supply is increasing, the spot is strong, domestic inventory is starting to decrease, and the tire operating rate is at a high level, with a neutral assessment [4]. - The price of 2023 full - latex (non - deliverable) remained flat on November 14 [8]. - The exchange inventory has been continuously decreasing recently, while the Qingdao area inventory has increased [14][17]. - Import volume has rebounded [20]. - Automobile production and sales are seasonally rising, tire production and export are at a record high in the same period [23][26][29][32]. Base - spread - The spot price is 14800, and the base - spread is -415, which is bearish. The base - spread strengthened on November 14 [4][35]. Multi - empty Factors - Likely to Rise Factors: High downstream consumption, resistant spot prices, and domestic anti - involution [6]. - Likely to Fall Factors: Increasing supply, bearish domestic economic indicators, and trade frictions [6].