Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - After the holiday, rubber prices rose significantly, with a large increase in open interest and net inflow of funds. The rise was mainly due to the oversold rebound after the previous sharp decline and the return of funds after the holiday. Currently, the rubber fundamentals lack obvious drivers. The supply side is entering the tapping season, but Thai raw material prices remain high due to rainfall and slow tapping. The demand side saw a significant drop in the operating rate of downstream tire factories during the holiday. As of April 30, 2025, the capacity utilization rate of China's semi - steel tire sample enterprises was 66.69%, a month - on - month decrease of 5.67 percentage points and a year - on - year decrease of 12.29 percentage points; the capacity utilization rate of China's all - steel tire sample enterprises was 59.54%, a month - on - month decrease of 6.25 percentage points and a year - on - year increase of 11.74 percentage points. As of April 27, 2025, China's natural rubber social inventory was 135.3 million tons, a month - on - month decrease of 1.56 million tons, a decline of 1.1%. Considering the uncertainty of global trade policies and the instability of domestic stockpiling events, it is recommended to reduce the risk exposure in the short term and adopt a wait - and - see strategy [3]. 3. Summary by Related Catalogs Futures Price - RU主力: from 14815 to 14555, up 270; NR主力: from 12285 to 12555; BR主力: from 11080 to 11315, up 3.5; Tocom RSS3 (yen/kg): from 292.2 to 295.7; Sicom TF (cents/kg): from 167.8 to 164.8, down 10 [3]. Futures Spread - RU2509 - RU2505: from 205 to 195; RU2601 - RU2509: from 745 to 740; NR主力 - 次主力: from 65 to 45; BR主力 - 次主力: from 75 to - 160; RU - NR: from 2270 to 2260; RU - BR: from 3500 to 3475; NR - BR: from 1240 to 1205; RU - Tocom RSS3 ($): up 33; NR - Sicom TF ($): up 18 [3]. Raw Material Price - 烟片胶: from 70.71 to 71.41, up 0.70; 胶水: from 59.25 to 58.75, up 0.50; 杯胶: from 52.65 to 53.05, up 0.40; 海南胶水(浓乳): 14200 (unchanged); 海南胶水(全乳): 13100 (unchanged); 云南胶水(浓乳): from 13900 to 13800, up 100; 云南胶块(全乳): from 13800 to 13600, up 200 [3]. Spot Price - 国产9710: from 14600 to 14500, up 100; 老全乳: from 14600 to 14400, up 200; 越南3L: from 16100 to 15950, up 150; 泰混: from 14200 to 14450, up 250; 马混: from 14350 to 14100, up 250; 泰标: from 12745 to 12386, up 359; 国产标二: from 14100 to 13900, up 200; 上海:黄春发散装: N/A to 11100; 上海:海南散装: N/A to 10800; 顺丁BR9000: 11600 (unchanged); 丁苯SBR1502: from 12100 to 12000, up 100; 丁苯SBR1712: from 11000 to 11050, up 50; 泰混CIF: from 1850 to 1840, up 10; 马混CIF: from 1745 to 1770, up 25; 泰标CIF: from 1840 to 1850, up 10; 马标CIF: from 1770 to 1745, up 25; 印标CIF: from 1660 to 1685, up 25 [3]. Exchange Rate and Interest Rate - 美元指数: from 99.7911 to 99.6403, up 0.151; 美元/人民币: from 7.2008 to 7.2014; 美元/日元: from 143.6860 to 143.0585, up 0.627; 美元/泰铢: from 32.9200 to 33.3550, down 0.435; SHIBOR - 隔夜: from 1.760 to 1.702, down 0.058; SHIBOR - 七天: from 1.707 to 1.762, down 0.055 [3].