申万期货品种策略日报-天胶-20260127

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - On Monday, the natural rubber price declined slightly while the synthetic rubber remained strong. With domestic rubber-producing areas in a dormant period and Thailand's northeastern region expected to stop tapping in January, and the southern region in peak season, the total natural rubber inventory in Qingdao, China, has been accumulating. The short - term supply elasticity has weakened, and raw rubber prices are relatively firm. The demand side supports the stable operation of all - steel tire production. With the recent strong performance of the chemical sector, the rubber price is expected to remain strong in the short term [4] Group 3: Summary of Key Data Futures Market - RU主力: The previous day's closing price was 16,230, a decrease of 85 (-0.52%) from the price two days ago. The trading volume was 309,950, and the open interest was 13,265, an increase of 335 [2] - NR主力: The previous day's closing price was 13,085, a decrease of 10 (-0.08%) from the price two days ago. The trading volume was 76,014, and the open interest was 54,206, a decrease of 5,672 [2] - BR主力: The previous day's closing price was 13,265, an increase of 335 (2.59%) from the price two days ago. The trading volume was 747,469, and the open interest was - 35,722, an increase of 10 [2] Spread - RU - NR: The current spread was 3,145, a decrease of 75 compared to the previous value [2] - RU - BR: The current spread was 2,965, a decrease of 420 compared to the previous value [2] - NR - BR: The current spread was - 180, a decrease of 345 compared to the previous value [2] Basis - RU基差: The current value was - 230, an increase compared to the previous value of - 315 [2] - 混合 - RU: The current value was - 1,355, an increase compared to the previous value of - 1,440 [2] - 烟片 - RU: The current value was 2,320, an increase compared to the previous value of 2,235 [2] Spot Market - All types of spot natural rubber in different regions (such as whole milk in Shandong, Shanghai, Kunming; smoked sheets in Shandong, Shanghai; mixed rubber in Qingdao, Yunnan) and downstream products (Thai smoked sheets, Thai cup rubber, Thai latex) showed no price changes, with a 0.00% change rate [2]