Report Industry Investment Rating - The investment rating for both single - side and arbitrage strategies is neutral [4] Core Viewpoints - Affected by the positive sentiment of Sino - US talks, commodity prices generally rose, but zinc prices were relatively weak due to weak fundamental data, increasing TC, supply pressure, an open zinc ingot import window, and signs of inventory accumulation. If the inventory accumulation trend continues, the downside space for zinc prices may open. In the spot market, high premiums have significantly declined due to increased inventory and more relaxed supply. Consumption in May may face challenges, with the possibility of a month - on - month decline after May [3] Summary by Related Content Spot Market - LME zinc spot premium was - 26.13 dollars/ton. SMM Shanghai zinc spot price dropped 50 yuan/ton to 22720 yuan/ton, and its spot premium dropped 50 yuan/ton to 430 yuan/ton. SMM Guangdong zinc spot price dropped 50 yuan/ton to 22720 yuan/ton, and its spot premium dropped 50 yuan/ton to 430 yuan/ton. SMM Tianjin zinc spot price dropped 60 yuan/ton to 22690 yuan/ton, and its spot premium dropped 60 yuan/ton to 400 yuan/ton [1] Futures Market - On May 12, 2025, the main SHFE zinc contract opened at 22360 yuan/ton, closed at 22490 yuan/ton, up 240 yuan/ton from the previous trading day. The trading volume was 229910 lots, an increase of 89893 lots from the previous trading day, and the position was 118030 lots, a decrease of 1140 lots. The intraday price fluctuated between 22080 - 22515 yuan/ton [1] Inventory - As of May 12, 2025, the total inventory of SMM seven - region zinc ingots was 8.55 million tons, an increase of 0.14 million tons from the same period last week. As of the same date, LME zinc inventory was 169850 tons, a decrease of 475 tons from the previous trading day [2]

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Report's Core View - Both Shanghai rubber futures 2509 contract and synthetic rubber futures 2507 contract are expected to run strongly on May 9, 2025, with an intraday view of oscillating strongly and a medium - term view of oscillating weakly [1][5][7]. 3. Summary by Related Catalogs Shanghai Rubber (RU) - **Market Situation**: On the night of Thursday, the 2509 contract of Shanghai rubber futures showed an oscillating and stabilizing trend, with the futures price slightly rising 0.07% to 14,705 yuan/ton. It is expected to maintain an oscillating and strong trend on Friday [5]. - **Core Logic**: Domestic and foreign natural rubber producing areas will enter a new round of tapping seasons, and new rubber supply will gradually increase. After the May Day holiday, the downstream tire industry's operating rate has rebounded, and procurement demand is expected to increase. However, due to the lack of continuous improvement in the supply - demand structure and a slight increase in rubber inventories in Qingdao Free Trade Zone, it is difficult to support the continuous strengthening of post - holiday rubber prices. After the bearish sentiment is digested, the futures price shows a stabilizing trend [5]. Synthetic Rubber (BR) - **Market Situation**: On the night of Thursday, the 2507 contract of domestic synthetic rubber futures showed an oscillating and strong trend, with the futures price rising 1.41% to 11,510 yuan/ton. It is expected to maintain an oscillating and strong trend on Friday [7]. - **Core Logic**: During the May Day holiday, OPEC + oil - producing countries agreed to continue to accelerate production in June, bringing new supply pressure to the crude oil market. After the bearish sentiment in the crude oil market is digested, the oil price shows an oscillating and stabilizing trend, driving the synthetic rubber futures price to rise [7].