橡胶：震荡运行，合成橡胶：短期事件驱动上行，上方空间收窄

1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views of the Report - The report provides daily research and analysis on various energy - chemical futures, including rubber, synthetic rubber, LLDPE, etc., and gives trend judgments and market analysis for each variety [2]. 3. Summary by Related Catalogs Rubber - Trend: Oscillating [2][4] - Fundamentals: The closing price of the rubber main contract fluctuated, trading volume decreased, and the net short position of the top 20 members decreased. The prices of some overseas rubber varieties increased slightly, while the prices of some domestic import varieties decreased. The orders of tire sample enterprises weakened [5][6][8]. - Trend Intensity: Neutral (0) [5] Synthetic Rubber - Trend: Short - term event - driven upward with narrowing upside space [2][10] - Fundamentals: The price of the main contract of synthetic rubber increased, trading volume increased, and the opening rate of cis - butadiene rubber increased. The price of butadiene increased, and the inventory of cis - butadiene rubber increased [10][11][12]. - Trend Intensity: Neutral (0) [12] LLDPE - Trend: Basis turns positive, supply remains loose [2][13] - Fundamentals: The futures price of LLDPE increased slightly, the basis strengthened slightly, and the inventory of upstream factories accumulated passively. The supply in the near - term is stable, but there is supply - demand pressure in the medium - term [13][14]. - Trend Intensity: Neutral (0) [15] PP - Trend: Short - term rebound, medium - term trend still under pressure [2][16] - Fundamentals: The futures price of PP fluctuated slightly, the basis weakened slightly, and the overall market trading volume decreased. The supply is high, and the demand peak has passed [16][17]. - Trend Intensity: Neutral (0) [18] Caustic Soda - Trend: Still under pressure [2][20] - Fundamentals: The price of caustic soda futures decreased, the basis increased, and the spot market was weak. High production and high inventory continue, and the demand is weak [20][21][22]. - Trend Intensity: Bearish (-1) [23] Pulp - Trend: Oscillating [2][25] - Fundamentals: The futures price of pulp increased, trading volume increased, and the net long position of the top 20 members increased. The basis decreased, and the spot market showed a slight improvement [26][27][28]. - Trend Intensity: Neutral (0) [26] Glass - Trend: The price of the original sheet is stable [2][29] - Fundamentals: The futures price of glass decreased slightly, the basis increased, and the spot price increased in some areas. The reduction in production capacity has improved market confidence, but overall trading is average [30]. - Trend Intensity: Neutral (0) [30] Methanol - Trend: Oscillating with narrowing upside space [2][32] - Fundamentals: The futures price of methanol decreased slightly, the basis increased slightly, and the spot price increased in most areas. The port inventory decreased significantly, and there is high supply pressure in the short - term [33][35][36]. - Trend Intensity: Neutral (0) [37] Urea - Trend: The price center moves up, pay attention to inventory during the day [2][39] - Fundamentals: The futures price of urea increased, the basis decreased, and the factory price increased in some areas. The inventory of urea enterprises decreased, and the market is supported by fundamentals [40][41][42]. - Trend Intensity: Neutral (0) [42] Styrene - Trend: Short - term oscillation [2][43] - Fundamentals: The price of styrene futures increased, the profit of non - integrated and integrated production increased, and the inventory pressure of downstream products was high. The short - term pure benzene market oscillates at the bottom [43][44]. - Trend Intensity: Neutral (0) [43] Soda Ash - Trend: Little change in the spot market [2][46] - Fundamentals: The futures price of soda ash increased, the basis decreased, and the spot price was stable. The supply is expected to increase, and the downstream demand is general [46]. - Trend Intensity: Neutral (0) [46] LPG - Trend: Under pressure [2][48] - Fundamentals: The futures price of LPG decreased, trading volume decreased, and the opening rates of some related industries were stable. The price of CP paper goods decreased [49][54]. - Trend Intensity: Bearish (-1) [53] Propylene - Trend: The pattern remains loose [2][49] - Fundamentals: The futures price of propylene fluctuated slightly, trading volume and positions changed, and the basis of some regions increased. The opening rate of PDH was stable [49]. - Trend Intensity: Bearish (-1) [53] PVC - Trend: Oscillating at a low level [2][59] - Fundamentals: The futures price of PVC was at a low level, the basis was negative, and the spot price was stable. The supply - demand is weak in the short - term, and there is a production reduction expectation [57]. - Trend Intensity: Neutral (0) [58] Fuel Oil - Trend: Declined at night, weakness reappeared [2][60] - Fundamentals: The futures price of fuel oil decreased, trading volume decreased, and the inventory of the whole market decreased. The spot price of fuel oil decreased [61]. - Trend Intensity: Bearish (-1) [61] Low - Sulfur Fuel Oil - Trend: Weakened in the short - term, the spread between high - and low - sulfur in the overseas spot market oscillated narrowly [2][61] - Fundamentals: The futures price of low - sulfur fuel oil decreased, trading volume decreased, and the inventory decreased. The spot price of low - sulfur fuel oil decreased [61]. - Trend Intensity: Bearish (-1) [61] Container Freight Index (European Line) - Trend: Short - term valuation repair continues, medium - term oscillating market [2][63] - Fundamentals: The futures price of the container freight index (European line) fluctuated, the trading volume of the main contract increased, and the spot market freight rate of some shipping companies increased. The overall shipping capacity is not low [63][73][74]. - Trend Intensity: Neutral (0) [75] Short - Fiber - Trend: Supported by cost, short - term oscillation, medium - term pressure [2][76] - Fundamentals: The futures price of short - fiber fluctuated, the basis decreased, and the spot price was stable. The factory's trading volume decreased, and the sales rate decreased [76]. - Trend Intensity: Neutral (0) [77] Bottle Chip - Trend: Supported by cost, short - term oscillation, medium - term pressure [2][76] - Fundamentals: The futures price of bottle chip decreased, the basis increased, and the spot price was stable. The market trading atmosphere was light [76][77]. - Trend Intensity: Neutral (0) [77] Offset Printing Paper - Trend: Oscillating at a low level [2][79] - Fundamentals: The futures price of offset printing paper increased, the basis decreased, and the spot price was stable. The demand in the social end has not improved significantly [79][80][82]. - Trend Intensity: Neutral (0) [79] Pure Benzene - Trend: Short - term oscillation [2][83] - Fundamentals: The futures price of pure benzene fluctuated slightly, the inventory of the East China port increased, and the price decreased slightly. The demand is weak in December and may improve after January [83][84]. - Trend Intensity: Neutral (0) [84]