天胶早报-20251121

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoint - The market has support at the bottom, and it is advisable to buy on dips [4] 3. Summary by Directory 3.1 Daily Prompt - The supply of natural rubber is increasing, the spot is strong, domestic inventories are decreasing, and tire operating rates are at a high level [4] 3.2 Fundamental Data - Supply and Demand: Supply starts to increase; downstream consumption is high, with seasonal rebounds in automobile production and sales and tire production reaching a new high in the same period, but tire industry exports are declining [4][23][26][29][32] - Inventory: Exchange inventories (warehouse receipts) are seasonally cancelled, Qingdao area inventories have recently rebounded, and import volumes have declined [14][17][20] - Spot Price: The spot price of 2023 full - latex (non - deliverable) fell on November 20th, and the US dollar quotation in the Qingdao Free Trade Zone is available [8] - Basis: The basis strengthened on November 20th, with the current spot price at 14,850 and a basis of - 400 [4][35] 3.3 Multi - Empty Factors - Bullish Factors: High downstream consumption, resistant spot prices, and domestic anti - involution [6] - Bearish Factors: Increasing supply, negative domestic economic indicators, and trade frictions [6]