宝城期货橡胶早报-20251128

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - Both Shanghai rubber (RU) and synthetic rubber (BR) are expected to run strongly on November 29, 2025, with a mid - term view of oscillation [1][5][7]. 3. Summary by Related Catalogs Shanghai Rubber (RU) - Short - term, Mid - term, and Intraday Views: Short - term: oscillation; Mid - term: oscillation; Intraday: strong. The reference view is to run strongly [1][5]. - Core Logic: As domestic natural rubber producing areas in Yunnan and Hainan are approaching the end of the cutting season, the expected supply of domestic full - latex is decreasing. The domestic automobile production and sales data are optimistic. However, the macro - sentiment weakened due to the significantly worse - than - expected US September non - farm payrolls data last weekend. There are short - term long - short differences in the rubber market. On the night of Thursday this week, the Shanghai rubber futures maintained an oscillating and stable trend with a slight rebound. It is expected to maintain an oscillating and strong trend on Friday [5]. Synthetic Rubber (BR) - Short - term, Mid - term, and Intraday Views: Short - term: oscillation; Mid - term: oscillation; Intraday: strong. The reference view is to run strongly [1][7]. - Core Logic: The recent macro - sentiment is okay. The slight decline of domestic and international crude oil futures on the night of Thursday this week weakened the impetus for the synthetic rubber futures to continue to rebound. The domestic automobile production and sales data are optimistic, and the synthetic rubber market has shifted from "expectation - driven" to "reality - dominated". Benefiting from the stable rebound of domestic and international crude oil futures prices, the domestic synthetic rubber futures showed an oscillating and stable trend on the night of Thursday, with a slight increase. It is expected to maintain a strong trend on Friday [7].