Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - Recent geopolitical conflicts have led to a continuous strong performance of crude oil, driving the chemical products to trend stronger. The continuous rise of synthetic rubber supports the price of natural rubber. - Fundamentally, natural rubber is in a seasonally low - production stage. Domestic production areas have stopped tapping, and Thai production areas are also gradually stopping. The low - production season usually lasts until May. The total inventory of natural rubber in Qingdao, China, is continuously increasing, and the short - term supply - side elasticity is weakening, with raw rubber prices remaining relatively firm. - On the demand side, there is expected support for post - holiday resumption of work. The start - up of all - steel tires is expected to be stable. Although there are expected impacts from geopolitical conflicts on tire exports to the Middle East, the strength of synthetic rubber limits the downward space of natural rubber. - The short - term disk is still affected by external shocks. With the external crude oil rising and then falling, the rubber price is expected to experience a short - term correction. [2] 3. Summary by Related Catalogs Futures Market - **Price Changes**: The previous day's closing prices of RU, NR, and BR were 16,895, 13,610, and 15,725 respectively, with price increases of 60, 40, and 1,070, and price increase rates of 0.36%, 0.29%, and 7.30% respectively compared to the day before the previous day. - **Volume and Open Interest**: The trading volumes of RU, NR, and BR were 607,728, 133,111, and 170,535 respectively. The open interests were 144,455, 65,473, and 63,716 respectively, with changes of - 5,268, - 424, and 626 respectively. - **Spread Changes**: The spreads of RU - NR, NR - BR, and RU - BR were 3,285, 1,170, and - 2,115 respectively, with changes of 20, - 1,010, and - 1,030 respectively compared to the previous values. - **Basis Changes**: The RU basis, mixed - RU, and smoke - sheet - RU were - 145, - 1,195, and 2,855 respectively, compared to the previous values of - 135, - 1,335, and 2,815 respectively. [2] Spot Market - **Domestic Spot**: The current prices of whole - milk rubber in Shandong, Shanghai, and Kunming were 16,650, 16,750, and 16,750 yuan/ton respectively, with price increase rates of 1.29%, 0.30%, and 0.30% respectively. The current prices of smoke - sheet rubber in Shandong and Shanghai were 19,700 and 19,750 yuan/ton respectively, with a price increase rate of 0.51%. The current prices of mixed rubber in Qingdao and Yunnan were 15,700 and 16,625 yuan/ton respectively, with a price increase rate of 1.84%. - **Downstream in Thailand**: The current prices of Thai smoke - sheet, Thai cup - lump, and Thai latex were 71.61, 58.35, and 69.5 baht/kg respectively, with price increase rates of 1.42%, - 1.03%, and 0.72% respectively. [2]