1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - The global natural rubber market is expected to face a supply - demand imbalance for the sixth consecutive year in 2026, with production growth lower than expected due to various factors such as adverse weather, limited replanting, low productivity, and leaf - fall disease [22] 3. Summary by Related Catalogs Market Conditions - **RU Natural Rubber**: Prices of RU main contracts and related rubber products fluctuate daily. For example, on 26 - 03 - 02, the RU main 05 contract closed at 16990 points, down 165 points or 0.96% [1] - **NR 20 - number Rubber**: NR main contracts and related products also show price changes. On 26 - 03 - 02, the NR main 05 contract closed at 13735 points, down 125 points or 0.90% [1] - **BR Butadiene Rubber**: BR main contracts and related products have price movements. On 26 - 03 - 02, the BR main 05 contract closed at 12780 points, up 115 points or 0.91% [2] Important Information - **Global Light - vehicle Sales**: In January 2026, global light - vehicle sales dropped due to a significant contraction in the Chinese passenger - car market, with sales in the US, Western Europe, and China all decreasing. The reasons vary by region [2] - **EU Passenger - car Market**: In January 2026, EU passenger - car market sales decreased by 3.9% to 799,625 vehicles. The market share of pure - electric vehicles increased, while that of gasoline and diesel vehicles decreased [7] - **US Tire Imports**: In 2025, US tire imports increased by 4.8% year - on - year. Imports from China decreased, while those from Thailand increased [12] - **Thai Rubber Exports**: In January 2026, Thai natural rubber and mixed - rubber exports decreased by 10% year - on - year, and exports to China also decreased [17] Logical Analysis - **Macroeconomic Factors**: In January, domestic M1 and M2 growth and the M1 - M2 spread had a slight positive impact on commodities. In February, the ZEW global auto - industry index had a slight negative impact [3][8] - **Inventory Factors**: Inventory changes in rubber contracts, domestic dry - rubber, and tire production lines have different impacts on rubber prices. For example, in January, the inventory of RU contracts in the SHFE increased slightly, while that of NR contracts in the Energy Center decreased slightly [3] - **Production Factors**: ANRPC member countries' production, tire production rates, and natural - rubber production in Thailand all affect the market. For example, in December 2025, ANRPC production decreased year - on - year [13] Trading Strategies - **Unilateral Trading**: Different strategies are proposed for RU and NR main contracts on different dates, such as short - selling a small amount of the RU main 05 contract on 26 - 03 - 02 [3] - **Arbitrage Trading**: Strategies for arbitrage trading between different contracts are also provided, such as holding the RU2605 - RU2609 spread and adjusting stop - loss levels [13] - **Options Trading**: Generally, the report suggests waiting and seeing for options trading [3]