申万期货品种策略日报-天胶-20260213

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - On Thursday, the natural rubber market showed a slight decline. The domestic production areas have stopped tapping, and the northeastern part of Thailand has gradually stopped tapping, while the southern part is producing normally. The total inventory of natural rubber in Qingdao, China, has been continuously increasing, and the short - term supply elasticity has weakened, with the raw rubber prices remaining relatively firm. The demand side supports the stable operation of all - steel tire production. As the Spring Festival holiday approaches, it is recommended to control risks and mainly reduce positions [2] Group 3: Summary According to Related Catalogs Futures Market - Prices and Changes: The previous day's closing prices of RU, NR, and BR were 16450, 13370, and 12780 respectively, with price changes of - 125, - 75, and - 290, and percentage changes of - 0.75%, - 0.56%, and - 2.22% respectively. The spreads of RU - NR, RU - BR, and NR - BR were 3080, 3670, and 590 respectively, with changes of - 50, 165, and 215 [2] - Trading Volume: The trading volumes of RU, NR, and BR were 180678, 46594, and 62549 respectively [2] - Open Interest: The open interests of RU, NR, and BR were 12780, 50704, and - 6788 respectively, with changes of - 290, 1663, and 10 [2] Spot Market - Domestic Spot Prices: The current prices of whole - milk rubber in Shandong, Shanghai, and Kunming were 16150, 16250, and 16100 respectively, with percentage changes of - 0.92%, - 0.91%, and - 0.92%. The prices of smoked sheets in Shandong and Shanghai remained unchanged at 18700. The prices of mixed rubber in Qingdao and Yunnan were 15390 and 16150 respectively, with percentage changes of 0.88% and - 0.62% [2] - Thailand Spot Prices: The current prices of Thai smoked sheets, cup rubber, and latex were 65.3, 54.87, and 62 respectively, with percentage changes of 2.19%, 0.00%, and 1.64% [2]