Report Information - Report Title: Synthetic Rubber Morning Report [2][10] - Research Team: Energy and Chemicals Team of the Research Center [3][11] - Report Date: November 3, 2025 [3][11] Core Data Summary BR (Butadiene Rubber) - **Futures Information**: On October 30, the BR主力合约(12) was at 10,800, with a daily change of 5 and an interval change of -195. The holding volume was 47,385, down 4,831 from the previous day and 2,233 from the interval. The trading volume was 125,337, a daily decrease of 70,313 and an interval decrease of 6,643. The warehouse receipt quantity was 8,580, unchanged from the previous day and down 340 from the interval [4][12]. - **Basis/Spread/Inter - Variety Data**: The 12 - 01 spread was 25, unchanged; the 01 - 02 spread was -25, with a daily change of -5 and an interval change of -15. The RU - BR spread was 4,600, a daily decrease of 230 and an interval increase of 215; the NR - BR spread was 1,725, a daily decrease of 200 and an interval increase of 180 [4][12]. - **Spot Price**: The Shandong market price was 10,800, unchanged from the previous day and down 200 from the interval; the Transfar market price was 10,700, unchanged from the previous day and down 200 from the interval; the Qilu ex - factory price was 11,000, unchanged from the previous day and down 200 from the interval. CFR Northeast Asia was 1,450, unchanged from the previous day and down 25 from the interval; CFR Southeast Asia was 1,700, unchanged [4][12]. - **Profit Data**: The spot processing profit was 848, a daily increase of 51 and an interval increase of 387; the import profit was -1,336, a daily increase of 1 and an interval increase of 21; the export profit was 2,025, a daily decrease of 1 and an interval increase of 154 [4][12]. BD (Butadiene) - **Spot Price**: The Shandong market price was 7,600, a daily decrease of 50 and an interval decrease of 575; the Jiangsu market price was 7,575, a daily decrease of 25 and an interval decrease of 252; the Yangzi ex - factory price was 7,900, unchanged from the previous day and down 400 from the interval. CFR China was 930 (data for October 30 is N/A) [4][12]. - **Profit Data**: The carbon four extraction profit was 911 (data for October 30 and later is N/A). The butene oxidation dehydrogenation profit was -864, a daily increase of 70 and an interval decrease of 360. The import profit was -10 (data for October 30 and later is N/A) [4][12].