研究院<<市场快讯：成本支撑带动昨夜BR强势涨停>>

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoint - Last night, the main contract of butadiene rubber (BR) hit the daily limit, closing at 12,930 yuan/ton. The price of butadiene, the main raw material for BR, directly affects the price trend of BR futures and spot. Since December 2025, the BR futures price has been rising continuously driven by butadiene. The BR limit - up last night was the result of the combined effect of raw materials and funds, and its own supply - demand situation has not changed significantly. In the short term, the tight supply of butadiene is expected to boost the BR price, and traders should be vigilant against the callback risk after the release of emotions [3] 3. Summary by Related Points - BR Price Performance: The main contract of butadiene rubber (BR) hit the daily limit last night, with a closing price of 12,930 yuan/ton [3] - Factors Affecting Butadiene Price: Since December 2025, the BR futures price has been rising continuously driven by butadiene. Recently, due to limited arrival of imported ships and high downstream product operating rates, butadiene port inventories have significantly decreased, and some production enterprises are selling butadiene. In the medium - term, there will be no new butadiene production facilities put into operation in the first half of this year, increasing concerns about supply shortages [3] - Fund - related Factor: Recently, funds have quickly flowed into the energy and chemical sector, giving a boost to rubber varieties [3] - Short - term Outlook: In the short term, the tight supply of butadiene is expected to boost the BR price, and traders should be vigilant against the callback risk after the release of emotions [3]