橡胶：震荡运行，合成橡胶：震荡运行合成橡胶

Report Industry Investment Ratings - Not provided in the given content Core Views - The overall market shows a mixed trend with different commodities having various outlooks. Some are expected to oscillate, some are under pressure, and some are relatively stable or have short - term support [2] - For example, rubber, paper pulp, and glass are expected to oscillate; PP,烧碱, PVC are under pressure; while synthetic rubber, urea, and LPG have short - term support [2] Summary by Commodity Rubber - Trend: Oscillating [2][4] - Fundamentals: The main contract's daily and night - time closing prices increased, and trading volume rose, but positions decreased. The inventory in Qingdao increased, and tire supply weakened due to some enterprises' maintenance plans. Raw material prices may remain high due to weather [5][6][7] Synthetic Rubber - Trend: Oscillating with support [2][8] - Fundamentals: The spot trading of the synthetic rubber industry chain improved, and prices of butadiene and butadiene rubber stabilized and rebounded slightly. The inventory was in an oscillating pattern, and the natural rubber sector was firm, providing support [9][10] Asphalt - Trend: Narrow - range oscillation with a slight decrease in factory inventory [2][11] - Fundamentals: Futures prices showed slight fluctuations, and factory and social inventories decreased in some regions due to supply reduction and terminal demand support [11][23] LLDPE - Trend: Agricultural demand may peak, and attention should be paid to supply pressure [2][24] - Fundamentals: The futures market was under pressure, and the basis was gradually repaired. Agricultural film demand weakened, and downstream industries stocked up based on existing orders [24][25] PP - Trend: Do not chase short - term short positions, but there is still medium - term pressure [2][28] - Fundamentals: The supply side is relatively high, and although recent transactions have improved slightly, the demand peak has passed. Long - term factors such as high supply and weak demand will still dominate [29] Caustic Soda - Trend: Still under pressure [2][32] - Fundamentals: High production and inventory continue, and the demand from the alumina industry and non - aluminum downstream is limited. The cost support is weak [34] Pulp - Trend: Oscillating [2][37] - Fundamentals: The futures market was weak, and the spot market was inactive due to the industry conference. The supply pressure continued, and demand was weak [39][40][41] Glass - Trend: The original sheet price is stable [2][44] - Fundamentals: The futures price decreased, and the spot market price dropped in some regions, with a pessimistic market sentiment [44] Methanol - Trend: Weak operation [2][47] - Fundamentals: The futures price declined, and the spot price also decreased. The supply is high, and the demand from the MTO industry is under pressure. The cost support is gradually emerging [48][50][51] Urea - Trend: Short - term oscillation with support [2][53] - Fundamentals: The enterprise inventory decreased due to the new export policy. The fourth - batch export quota may relieve inventory pressure, and the mid - stream replenishment is active [54][55] Styrene - Trend: Short - term oscillation, pay attention to the increase in ethylbenzene [2][56] - Fundamentals: The short - term aromatics blending logic continues. The pure benzene market is in a stage of weak chemical reality and strong blending expectations [57] Soda Ash - Trend: The spot market changes little [2][58] - Fundamentals: The futures price was stable, and the enterprise equipment was mostly stable. Downstream demand was stable, and the market is expected to oscillate steadily [58][59] LPG - Trend: Downstream buying interest is strong, short - term relatively resistant to decline [2][61] - Fundamentals: Futures prices showed fluctuations, and downstream buying interest was strong. Some PDH and other devices have maintenance plans [61][66][67] Propylene - Trend: Demand expectation improves, short - term strong - biased oscillation [2][61] - Fundamentals: Futures prices showed fluctuations, and the demand expectation improved [61] PVC - Trend: Still under pressure [2][68] - Fundamentals: The market price is stable, but the supply is high, and the demand related to real estate is weak. Inventory transfer is difficult, and export is affected by policies [68] Fuel Oil - Trend: Maintain weak oscillation, short - term weaker than low - sulfur fuel oil [2][71] - Fundamentals: Futures prices declined, and the spread between high - sulfur and low - sulfur fuel oil widened [71] Low - Sulfur Fuel Oil - Trend: The night - session price rose, and the spread between high - and low - sulfur spot prices continued to widen [2][71] - Fundamentals: Futures prices showed an upward trend at night, and the spot price spread widened [71] Container Freight Index (European Line) - Trend: Pay attention to the opening guidance [2][73] - Fundamentals: Futures prices showed fluctuations, and the SCFIS index decreased. The spot freight rate may change, and attention should be paid to Maersk's 49 - week opening guidance [73][82][83]