宝城期货橡胶早报：品种晨会纪要-20251124

Report Summary 1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Core Viewpoints - Both Shanghai rubber (RU) and synthetic rubber (BR) are expected to run weakly, with short - term and medium - term trends being oscillatory and the intraday trend being weak [1][5][7]. 3. Summary by Variety Shanghai Rubber (RU) - Short - term, Medium - term, and Intraday Views: Short - term: oscillatory; Medium - term: oscillatory; Intraday: weak. The reference view is weak operation [1][5]. - Core Logic: As domestic natural rubber production areas in Yunnan and Hainan are approaching the off - season, the supply of domestic full - latex is expected to decline. The downstream automobile production and sales data in the rubber market are optimistic. However, the macro - sentiment weakened due to the significantly worse - than - expected US September non - farm payrolls data released last weekend. The Shanghai rubber futures maintained an oscillatory and weak trend in the night session last Friday, and are expected to maintain this trend on Monday [5]. Synthetic Rubber (BR) - Short - term, Medium - term, and Intraday Views: Short - term: oscillatory; Medium - term: oscillatory; Intraday: weak. The reference view is weak operation [1][7]. - Core Logic: The recent macro - sentiment is okay, but the slight decline of domestic and international crude oil futures on Thursday night weakened the rebound momentum of synthetic rubber futures. The downstream automobile production and sales data in the rubber market are optimistic, and the synthetic rubber market has shifted from "expectation - driven" to "reality - dominated". The macro - sentiment weakened due to the significantly worse - than - expected US September non - farm payrolls data released last weekend. The domestic synthetic rubber futures showed an oscillatory and weak trend in the night session last Friday, and are expected to maintain a weak trend on Monday [7].