Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - The Chinese economy shows new resilience with the dual records of "trillion - kilowatt - hour electricity consumption and trillion - yuan trading volume". The policy combination is effective, and a positive cycle has been formed [1]. - The domestic stock market is in a resonance period of "policy bottom + fund bottom + valuation bottom", and the market trend is likely to continue, but investors need to adapt to accelerated sector rotation and structural differentiation [2]. - Various commodities have different trends affected by factors such as supply and demand, geopolitics, and policies [2][3]. 3. Summary by Relevant Catalogs a. Chief Comment - A - share market major indices are rising, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index up 12.51%, 14.45%, and 21.19% respectively this year. The trading volume of the Shanghai and Shenzhen stock markets frequently exceeds 2 trillion yuan, and the margin trading balance is at a historical high [1]. - In July, the total social electricity consumption reached 1.0226 trillion kilowatt - hours, a year - on - year increase of 8.6%, doubling compared to a decade ago [1]. - China's foreign trade maintains a steady - to - improving trend, with the cumulative import and export growth rate rising month by month, achieving a 3.5% increase in the first seven months [1]. b. Key Varieties - **Equity Index**: The equity index shows differentiation. The domestic liquidity is expected to remain loose in 2025, and more incremental policies may be introduced in the second half of the year. The external risks are gradually easing. The CSI 500 and CSI 1000 indices with more technology - growth components are more offensive, while the SSE 50 and CSI 300 indices with more dividend - blue - chip components are more defensive [2]. - **Precious Metals**: Gold and silver are in a volatile state. The market is waiting for signals from Powell's speech at the Jackson Hole meeting. The long - term drivers of gold still provide support, and the overall trend of gold and silver may be volatile with the increasing expectation of interest rate cuts [3]. - **Crude Oil**: International oil prices continue to rise due to the decline in US crude oil inventories, strong oil demand, and the uncertainty of efforts to end the Russia - Ukraine conflict. The hurricane season in 2025 is relatively calm so far [3]. c. Main News Concerns - **International News**: The EU and the US announced details of a new trade agreement. The US will impose a 15% tariff on most EU goods, while the EU will cancel tariffs on US industrial products and provide preferential market access for US seafood and agricultural products. The EU plans to purchase $750 billion of US liquefied natural gas, oil, and nuclear products and $40 billion of US AI chips by 2028 [5]. - **Domestic News**: The State Council agreed in principle to the "Development Plan for the Open and Innovative Development of the Whole Biopharmaceutical Industry Chain in the China (Jiangsu) Free Trade Pilot Zone" [6]. - **Industry News**: In July, the total social electricity consumption exceeded 1 trillion kilowatt - hours for the first time globally, with a significant increase in the proportion of new energy [7]. d. Morning Comments on Main Varieties - **Financial**: - **Equity Index**: The US three major indices fell. The domestic equity index shows differentiation, and the market trading volume is 2.46 trillion yuan. The market is in a favorable period, but investors need to pay attention to sector rotation [10]. - **Treasury Bonds**: Treasury bonds rebounded after reaching the bottom. The central bank's monetary policy is loose, which supports short - term treasury bond futures prices, but the stock - bond seesaw effect may suppress the bond market, and the cross - variety spread may widen [11]. - **Energy and Chemicals**: - **Crude Oil**: Oil prices continue to rise due to factors such as inventory decline and demand. The hurricane has not affected key oil and gas infrastructure. The number of initial jobless claims in the US increased, and the OPEC's production increase situation needs to be monitored [12]. - **Methanol**: Methanol prices fell at night. Coastal methanol inventories increased significantly, and the short - term trend is mainly bullish [13]. - **Rubber**: The price of rubber is mainly supported by the supply side. The demand side is weak, and the short - term trend is expected to continue to correct [15]. - **Polyolefins**: Polyolefin futures rebounded. The market is mainly driven by supply and demand. The inventory is slowly being digested, and the terminal demand may pick up in mid - to - late August [16]. - **Glass and Soda Ash**: Similar to polyolefins, the market is driven by supply and demand, and attention should be paid to the autumn stocking market and supply - cost changes [17]. - **Metals**: - **Precious Metals**: Gold and silver are volatile, waiting for signals from Powell's speech. The long - term drivers of gold still support the price, and the overall trend may be volatile [18]. - **Copper**: Copper prices may fluctuate within a range due to factors such as low concentrate processing fees and stable downstream demand [19]. - **Zinc**: Zinc prices may fluctuate widely. The supply of concentrates has improved, and the smelting supply may recover [20]. - **Lithium Carbonate**: The short - term trend is affected by sentiment. The supply is expected to increase slightly in August, and the demand is also expected to increase. The inventory situation is complex, and the price may have room to rise if the inventory is depleted [21]. - **Black Metals**: - **Iron Ore**: The demand for iron ore is supported by strong production. The global iron ore shipment has decreased recently, and the mid - term supply - demand imbalance pressure is large. The market is expected to be volatile and bullish [22]. - **Steel**: The supply pressure of steel is gradually emerging, but the supply - demand contradiction is not significant. The market is expected to be volatile and bullish [23]. - **Coking Coal and Coke**: The futures of coking coal and coke are in a wide - range volatile state, with intense long - short competition [24]. - **Agricultural Products**: - **Protein Meal**: Bean and rapeseed meal are weakly volatile at night. The US soybean production is expected to be good, but the reduction in planting area provides support. The domestic market is expected to be range - bound [25]. - **Oils and Fats**: Oils and fats rose at night. The production and export of Malaysian palm oil increased in August, but there are risks of a short - term decline due to factors such as US biodiesel news [26]. - **Sugar**: International sugar prices are expected to be volatile as the global sugar market is about to enter the inventory - accumulation stage. The domestic sugar market is supported by high sales - to - production ratios and low inventories, but import pressure may drag down prices [27]. - **Cotton**: US cotton prices fell. The domestic cotton market supply is relatively tight, but the demand is in the off - season. The short - term trend is expected to be volatile and bullish with limited upside space [28]. - **Shipping Index**: - **Container Shipping to Europe**: The EC index is weakly volatile. The freight rate has been decreasing, and the short - term decline may slow down. The high - volume capacity supply may increase the downward pressure on freight rates during the off - season [29].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The current oil price is relatively undervalued, and its static fundamentals and dynamic forecasts are still favorable. It is a good time for left - hand side layout. If the geopolitical premium re - emerges, the oil price will have more upside potential [2] - For methanol, the current situation is weak, but demand is expected to improve with the arrival of the peak season. It is recommended to wait and see [4] - For urea, the current situation is weak, but the downside space is limited due to low corporate profits. It is advisable to pay attention to long - position opportunities on dips [6] - For rubber, it is expected that the rubber price will fluctuate weakly, and it is recommended to wait and see. Partial closing of the long RU2601 and short RU2509 positions can be considered [11] - For PVC, the fundamentals are poor with strong supply, weak demand, and high valuation. It is recommended to wait and see [13] - For styrene, the BZN spread may be repaired, and the port inventory may decline from a high level. The styrene price may fluctuate upward following the cost side [15][16] - For polyethylene, the price may fluctuate upward, with the long - term contradiction shifting from cost - driven decline to South Korean ethylene clearance policy [18] - For polypropylene, there is high inventory pressure in the context of weak supply and demand. It is recommended to go long on the LL - PP2601 contract on dips [19] - For PX, it is expected to maintain low inventory, with support at the lower end of the valuation but limited upside in the short term. Pay attention to long - position opportunities following the oil price on dips during the peak season [21][22] - For PTA, the supply is in a de - stocking pattern, and the processing fee is expected to be repaired. Pay attention to long - position opportunities following PX on dips [23] - For ethylene glycol, the fundamentals are expected to turn from strong to weak, and there is downward pressure on the medium - term valuation [24] 3. Summaries According to Relevant Catalogs 3.1 Energy (Crude Oil) - **Market Quotes**: WTI main crude oil futures rose $0.34, or 0.54%, to $63.48; Brent main crude oil futures rose $0.63, or 0.94%, to $67.67; INE main crude oil futures rose 8.80 yuan, or 1.85%, to 484.7 yuan [1] - **Data**: Singapore ESG weekly oil product data showed that gasoline inventory increased by 0.91 million barrels to 15.15 million barrels, a 6.42% increase; diesel inventory increased by 0.37 million barrels to 9.70 million barrels, a 3.98% increase; fuel oil inventory decreased by 1.61 million barrels to 23.04 million barrels, a 6.53% decrease; total refined oil inventory decreased by 0.33 million barrels to 47.89 million barrels, a 0.67% decrease [1] 3.2 Methanol - **Market Quotes**: On August 21, the 01 contract rose 1 yuan/ton to 2425 yuan/ton, and the spot price rose 5 yuan/ton, with a basis of - 115 [4] - **Supply**: Coal prices have bottomed out and risen, increasing methanol costs, but coal - to - methanol profits are still at a high level compared to the same period. Domestic production starts are gradually bottoming out and increasing, and overseas plant starts have returned to the same - period high, with imports expected to increase [4] - **Demand**: Most traditional demand sectors have low profits. Olefin profits have improved, but port production starts are low, and demand is weak. It is necessary to pay attention to the actual demand during the "Golden September and Silver October" [4] 3.3 Urea - **Market Quotes**: On August 21, the 01 contract fell 12 yuan/ton to 1764 yuan/ton, and the spot price fell 20 yuan/ton, with a basis of - 24 [6] - **Supply**: Domestic production starts have changed from a decline to an increase. Although corporate profits are still low, they are expected to gradually bottom out and recover. The overall supply is relatively loose [6] - **Demand**: Domestic agricultural demand is ending and entering the off - season. Compound fertilizer production starts have further increased, with high finished product inventories. Exports are progressing steadily, and overall demand is average [6] 3.4 Rubber - **Market Quotes**: NR and RU prices declined and then fluctuated weakly [8] - **Supply and Demand Factors**: Bulls believe that the weather and rubber forest conditions in Southeast Asia, especially Thailand, may help increase rubber production to a limited extent, and the seasonal pattern usually turns upward in the second half of the year, with improved demand expectations in China. Bears think that macro expectations are uncertain, demand is in the seasonal off - season, and the positive impact on supply may be less than expected [9] - **Inventory and Production Starts**: As of August 21, 2025, the operating load of all - steel tires in Shandong tire enterprises was 64.54%, up 1.47 percentage points from the previous week and 6.25 percentage points from the same period last year. The operating load of semi - steel tires in domestic tire enterprises was 74.38%, up 2.13 percentage points from the previous week and down 4.28 percentage points from the same period last year. As of August 10, 2025, China's natural rubber social inventory was 127.8 tons, a decrease of 1.1 tons or 0.85% from the previous period [10] 3.5 PVC - **Market Quotes**: The PVC01 contract fell 4 yuan to 5004 yuan. The spot price of Changzhou SG - 5 was 4740 (+20) yuan/ton, with a basis of - 264 (+24) yuan/ton, and the 9 - 1 spread was - 132 (+5) yuan/ton [13] - **Supply and Demand**: The overall production start of PVC was 80.3%, up 0.9% from the previous period. The downstream demand start was 42.8%, down 0.1% from the previous period. Factory inventory was 32.7 tons (-1), and social inventory was 81.2 tons (+3.5). The supply is strong, demand is weak, and the valuation is high [13] 3.6 Styrene - **Market Quotes**: The spot price and futures price of styrene both increased, and the basis strengthened [15] - **Supply and Demand**: The cost side still has support, the BZN spread is at a relatively low level in the same period, with large upward repair space. The supply side has increasing production starts, and the port inventory has been continuously increasing significantly. At the end of the seasonal off - season, the demand side's overall operating rate of three S products has been rising [15][16] 3.7 Polyolefins 3.7.1 Polyethylene - **Market Quotes**: The futures price of polyethylene increased [18] - **Supply and Demand**: The market expects favorable policies from the Chinese Ministry of Finance in the third quarter, and the cost side has support. The overall inventory is declining from a high level, and the demand side's agricultural film raw material procurement has started, with the overall operating rate stabilizing at a low level [18] 3.7.2 Polypropylene - **Market Quotes**: The futures price of polypropylene decreased [19] - **Supply and Demand**: The profit of Shandong refineries has stopped falling and rebounded, and the production start is expected to gradually recover. The downstream demand operating rate is fluctuating at a low level. There is high inventory pressure in the context of weak supply and demand [19] 3.8 PX, PTA, and MEG 3.8.1 PX - **Market Quotes**: The PX11 contract rose 114 yuan to 6958 yuan, and the PX CFR rose 17 dollars to 854 dollars [21] - **Supply and Demand**: The PX load is at a high level, and there are many unexpected short - term maintenance of downstream PTA. However, due to the commissioning of new PTA plants, PX is expected to maintain low inventory [21] 3.8.2 PTA - **Market Quotes**: The PTA01 contract rose 82 yuan to 4860 yuan, and the East China spot price rose 120 yuan/ton to 4810 yuan [23] - **Supply and Demand**: The PTA load decreased by 4.8% to 71.6%. The downstream load increased by 0.6% to 90%. The supply is in a de - stocking pattern, and the processing fee is expected to be repaired [23] 3.8.3 MEG - **Market Quotes**: The EG01 contract fell 4 yuan to 4473 yuan, and the East China spot price rose 4 yuan to 4511 yuan [24] - **Supply and Demand**: The MEG load increased by 6.2% to 73.2%. The downstream load increased by 0.6% to 90%. The port inventory decreased by 0.6 tons to 54.7 tons. The fundamentals are expected to turn from strong to weak, and there is downward pressure on the medium - term valuation [24]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The utilization rate of domestic tire production capacity fluctuated slightly last week. Some large semi-steel tire enterprises had about one - week maintenance, dragging down the overall enterprise production capacity utilization rate. The full - steel tire maintenance enterprises resumed work, driving up the full - steel tire production capacity utilization rate. There is still a slight upward space for the production capacity utilization rate as the maintenance enterprises gradually resume work, but the overall order performance is average, and enterprises will continue to control production, which will limit the increase in the overall production capacity utilization rate. The ru2601 contract is expected to fluctuate in the range of 15,500 - 16,000 in the short term, and the nr2510 contract is expected to fluctuate in the range of 12,450 - 12,900 in the short term [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract of Shanghai rubber was 15,720 yuan/ton, up 45 yuan; the closing price of the main contract of 20 - number rubber was 12,600 yuan/ton, up 75 yuan. The 9 - 1 spread of Shanghai rubber was - 1,000 yuan/ton, down 45 yuan; the 9 - 10 spread of 20 - number rubber was - 65 yuan/ton, down 15 yuan. The spread between Shanghai rubber and 20 - number rubber was 3,120 yuan/ton, down 30 yuan. The trading volume and net positions of the main contracts of both types of rubber changed, and the exchange warehouse receipts decreased [2]. 3.2 Spot Market - The prices of Shanghai market state - owned whole latex and Vietnam 3L increased by 200 yuan/ton. The prices of Thai and Malaysian standard rubbers decreased by 15 US dollars/ton. The prices of Thai and Malaysian RMB mixed rubbers decreased by 120 yuan/ton. The prices of齐鲁石化's butadiene - styrene and cis - butadiene rubbers remained unchanged. The basis of Shanghai rubber and its non - standard products changed, and the price of 20 - number rubber in Qingdao market decreased [2]. 3.3 Upstream Situation - The market reference prices of Thai raw rubber (smoked sheets, films, and cup rubber) decreased, while the price of glue remained unchanged. The theoretical production profits of RSS3 increased, while that of STR20 decreased. The monthly import volume of technically classified natural rubber decreased, while that of mixed rubber increased. The weekly opening rates of full - steel and semi - steel tires changed [2]. 3.4 Downstream Situation - The inventory days of full - steel and semi - steel tires in Shandong increased. The monthly output of full - steel and semi - steel tires increased [2]. 3.5 Option Market - The historical 20 - day and 40 - day volatilities of the underlying decreased, and the implied volatilities of at - the - money call and put options decreased [2]. 3.6 Industry News - In the first week of the future (August 17 - 23, 2025), the rainfall in the main natural rubber producing areas in Southeast Asia decreased compared with the previous period, reducing the impact on rubber tapping. As of August 17, 2025, the total inventory of natural rubber in Qingdao decreased by 0.31 million tons, with a decrease of 0.50%. The inventory in the bonded area increased by 2.12%, and the general trade inventory decreased by 0.87%. The inventory in Qingdao continued to decline, with the bonded warehouse accumulating inventory and the general trade warehouse continuing to reduce inventory. The arrival and warehousing of overseas goods increased, but the tire enterprises' purchasing enthusiasm decreased [2].

证券之星消息，8月21日橡胶板块较上一交易日下跌1.44%，科创新源领跌。当日上证指数报收于 3771.1，上涨0.13%。深证成指报收于11919.76，下跌0.06%。橡胶板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300320 | 海达股份 | 11.36 | 2.25% | 29.07万 | | 3.28亿 | | 301300 | 远翔新材 | 42.45 | 0.45% | 1.56万 | | 6631.52万 | | 605183 | 确成股份 | 21.83 | 0.32% | 4.26万 | | 9266.26万 | | 002442 | 龙星科技 | 6.54 | 0.15% | 7.74万 | | 5052.83万 | | 002753 | 永东股份 | 7.31 | 0.14% | 5.78万 | | 4223.70万 | | 002381 | 双箭股份 | 7.19 | 0.00% | 8.39万 | | 6041.51万 | ...

Report Overview - Report Name: Rubber Industry Data Daily - Date: August 21, 2025 - Author: Ye Haiwen from the Energy and Chemical Research Center of ITG Futures [2][5] Investment Rating - No investment rating for the industry is provided in the report. Core Viewpoint - The rubber market shows a volatile performance. With the cooling of the commodity market sentiment, the rubber futures盘面 has declined. The market is approaching the September delivery, returning to the fundamental logic, and the previous "anti - involution" trading expectation has cooled, resulting in a bearish commodity sentiment. Rubber may follow a weak - volatile trend. It is recommended to stay on the sidelines for single - side trading and focus on the arbitrage strategy of going long on RU2509 and short on RU2601 [3]. Summary by Directory 1. Futures Disk - **Domestic Futures**: RU主力 dropped from 15875 to 15675 (-200), NR主力 from 12690 to 12525 (-165), and BR主力 from 11840 to 11715 (-125) [3]. - **Foreign Futures**: Tocom RSS3 decreased from 318.1 yen/kg to 313.8 yen/kg (-4.3), while Sicom TF remained unchanged at 172.4 cents/kg [3]. - **Inter - period Spreads**: RU2601 - RU2509 decreased from 995 to 955 (-40), RU2605 - RU2601 increased from 85 to 105 (+20), NR主力 - 次主力 decreased from 60 to 50 (-10), and BR主力 - 次主力 remained at 10 [3]. - **Inter - variety Spreads**: RU - NR decreased from 3185 to 3150 (-35), RU - BR from 4035 to 3960 (-75), and NR - BR from 850 to 810 (-40) [3]. - **Inter - market Spreads**: RU - Tocom RSS3 ($) increased from 56 to 58 (+2), and NR - Sicom TF ($) decreased from 43 to 21 (-22) [3]. 2. Raw Material Prices - **Thailand (THB/kg)**: The price of smoked sheet rubber decreased from 60.85 to 59.60 (-1.25), the price of latex remained at 54.70, and the price of cup lump decreased from 49.80 to 49.35 (-0.45) [3]. - **Hainan and Yunnan (CNY/ton)**: Hainan latex for concentrated latex increased from 14000 to 14400 (+400), Hainan latex for whole - milk remained at 13400, Yunnan latex for concentrated latex remained at 14500, and Yunnan rubber block for whole - milk decreased from 14200 to 14100 (-100) [3]. 3. Factory Costs and Profits - **Whole - milk Rubber Delivery Profits**: Hainan remained at 479, Yunnan remained at - 301, and Thailand decreased from 955 to 875 (-81) [3]. - **Concentrated Latex Production Profits**: Hainan decreased from 1000 to 640 (-360), Thailand smoked sheet rubber remained at 2779 [3]. - **Smoked Sheet and 20 - grade Rubber Gross Margins**: Thailand 20 - grade rubber remained at - 189, and domestic 9710 remained at 250 [3]. 4. Domestic Spot - **Light - colored Rubber**: Old whole - milk decreased from 14900 to 14750 (-150), Vietnam 3L from 14900 to 14850 (-50), Thai mixed from 14650 to 14530 (-120), and Malaysian mixed from 14600 to 14480 (-120) [3]. - **Dark - colored Rubber**: Thai standard decreased from 12916 to 12813 (-103), and domestic standard II from 13900 to 13850 (-50) [3]. - **Other Types**: Domestic 9710 decreased from 14250 to 14150 (-100), Shanghai: Huangchunfa bulk from 11750 to 11600 (-150), Shanghai: Hainan bulk from 11300 to 11200 (-100), synthetic rubber (cis - J BR9000) from 11750 to 11600 (-150), styrene - butadiene SBR1502 from 12350 to 12150 (-200), and styrene - butadiene SBR1712 from 11350 to 11200 (-150) [3]. 5. Overseas Spot - **Mixed Rubber**: Thai mixed CIF decreased from 1810 to 1795 (-15), Malaysian mixed CIF from 1800 to 1785 (-15) [3]. - **Standard Rubber**: Thai standard CIF decreased from 1810 to 1795 (-15), Malaysian standard CIF from 1800 to 1785 (-15), and Indian standard CIF from 1735 to 1720 (-15) [3]. 6. Futures - Spot Spreads - **RU Spreads**: RU - Thai mixed decreased from 230 to 190 (-40), RU - old whole - milk from - 20 to - 30 (-10), and RU - Vietnam 3L from - 20 to - 130 (-110) [3]. - **NR Spreads**: NR - Thai standard delivery profit decreased from - 451 to - 511 (-60), NR - Indian standard delivery profit from 88 to 64 (-24), and NR - Malaysian standard delivery profit from - 379 to - 439 (-60) [3]. 7. Spot Spreads - **Variety Spreads**: Thai standard - Thai mixed ($) decreased from 10 to 5 (-5), Vietnam 3L - Thai mixed increased from 250 to 320 (+70), domestic standard II - Thai mixed increased from - 750 to - 680 (+70), old whole - milk - Vietnam 3L decreased from 0 to - 100 (-100), and domestic 9710 - Thai mixed increased from - 400 to - 380 (+20) [3]. 8. Exchange Rates and Interest Rates - **Exchange Rates**: The US dollar index remained at 98.2790, the US dollar/Chinese yuan increased from 7.1359 to 7.1384 (+0.002), the US dollar/Japanese yen remained at 147.6755, and the US dollar/Thai baht remained at 32.5550 [3]. - **Interest Rates**: SHIBOR - overnight increased from 1.464 to 1.473 (+0.009), and SHIBOR - seven - day from 1.517 to 1.534 (+0.017) [3]. 9. Supply, Inventory, and Demand - **Supply**: In Thailand, the price of raw material latex is 54.7 THB/kg, and the price of cup lump is 49.35 THB/kg. In Yunnan, the price of latex for whole - milk is 14100 CNY/ton, and for concentrated latex is 14500 CNY/ton. In Hainan, the price of latex for whole - milk is 13400 CNY/ton, and for concentrated latex is 14400 CNY/ton [3]. - **Inventory**: As of August 17, 2025, China's natural rubber social inventory was 128.5 million tons, a month - on - month increase of 0.75 million tons (0.6%). The total social inventory of dark - colored rubber was 80.6 million tons, a month - on - month increase of 1.2%, and the total social inventory of light - colored rubber was 47.9 million tons, a month - on - month decrease of 0.4% [3]. - **Demand**: As of August 14, the capacity utilization rate of all - steel tire sample enterprises was 62.62%, a month - on - month increase of 2.56 percentage points and a year - on - year increase of 3.69 percentage points. The capacity utilization rate of semi - steel tire sample enterprises was 69.11%, a month - on - month decrease of 0.60 percentage points and a year - on - year decrease of 10.55 percentage points [3].

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The domestic economic growth is stable with progress, the liquidity environment is loose, and corporate profit expectations are repaired. In the market, small and medium - cap stocks lead the rise, and the growth style is dominant. Attention should be paid to the short - term key pressure level fluctuations and use options to build hedging transactions [2]. - The crude oil market has a complex situation. The market speculates on the Fed's September interest rate cut, but there are concerns about US summer demand and OPEC+ may accelerate production increase. The medium - and long - term price center of gravity is still weak [3]. - The gold market is affected by macro - economic and geopolitical factors. The market expects the Fed to cut interest rates in September, but the strong economic data boosts the US dollar and weakens the gold's safe - haven premium. Attention should be paid to the support near $3311 per ounce [4]. - The silver price has fallen recently, affected by the cooling of geopolitical risk - aversion sentiment and investors' profit - taking. It is necessary to pay attention to the performance at the $37 per ounce integer mark [6]. - For chemical products, the cost of PTA is weakly supported by oil prices, and the supply - demand expectation is weak in the medium term, but there is an expectation of demand improvement. Ethylene glycol has a good fundamental situation and fluctuates with the cost end. The fundamentals of PVC, PP, plastic, etc. have no obvious improvement and fluctuate with market sentiment [7][8][9][11][13]. - In the agricultural products market, the corn price is under pressure due to factors such as abundant supply and weak downstream demand, but it rebounds in the short term. The peanut price is affected by the expected increase in planting area and is in a weak position in the short term. The cotton price is affected by domestic and foreign supply - demand situations and shows a weak shock [20][22][23]. - In the metal market, the copper market is affected by global and domestic factors, and attention should be paid to the direction choice after the convergence. The aluminum market is in a shock trend, and the alumina price is under pressure. The casting aluminum alloy follows the aluminum price to fluctuate, and the lithium carbonate price is affected by cost, supply, and demand and is dominated by sentiment in the short term [29][30][32][33][34]. - In the black market, the stainless - steel, rebar, and hot - rolled coil prices are in a weak shock in the short term due to factors such as cost support weakening and weak demand. The iron ore price may decline in the short term, and the coking coal and coke prices may also fluctuate downward [36][37][38][39][41]. Summary by Relevant Catalogs Macro - Domestic economic growth is stable with progress, the liquidity environment is loose, and corporate profit expectations are repaired. Small and medium - cap stocks lead the rise, and the growth style is dominant. Pay attention to short - term key pressure level fluctuations and use options to build hedging transactions [2]. Crude Oil - The market speculates on the Fed's September interest rate cut, and the weakening US dollar provides some support. However, there are concerns about US summer demand, and OPEC+ may accelerate production increase. The medium - and long - term price center of gravity is still weak. WTI main contract should pay attention to the support near $62 - 63 per barrel [3]. Gold - The market expects the Fed to cut interest rates in September with an 86.1% probability, but strong economic data boosts the US dollar and weakens the gold's safe - haven premium. Pay attention to the support near $3311 per ounce [4]. Silver - The silver price has fallen recently, affected by the cooling of geopolitical risk - aversion sentiment and investors' profit - taking. Pay attention to the performance at the $37 per ounce integer mark [6]. Chemicals PTA - The cost is weakly supported by oil prices, and the supply - demand expectation is weak in the medium term. The inventory days are decreasing, and the production capacity change is not significant. There is an expectation of demand improvement in the downstream. Pay attention to the breakthrough of the resistance level at 4800 yuan per ton [7]. Ethylene Glycol - The domestic supply turns loose after the restart of coal - to - ethylene glycol plants. The inventory has a slight increase, but imports may decrease. The downstream demand is gradually recovering. It fluctuates with the cost end [8]. PVC - The production capacity utilization rate has increased, and the demand is mainly for rigid needs. The social inventory has increased. The fundamentals have no obvious improvement and fluctuate with market sentiment [9][10]. PP - The production capacity utilization rate has a slight increase, and the output has increased. The downstream average start - up rate has increased, and the inventory has decreased. The fundamentals have no obvious driving force and fluctuate with market sentiment [11][12]. Plastic - The production capacity utilization rate has increased, and the downstream start - up rate has increased slightly. The inventory has changed from a downward trend to an upward trend. The fundamentals have no obvious improvement and fluctuate with market sentiment [13]. Soda Ash - The supply has increased slightly, the demand is weak, and the inventory has increased. The market is affected by many news, and it is recommended to use a wide - range shock thinking in the short term [14]. Glass - The supply has a narrow - range fluctuation, the demand is weak, and the inventory has continued to accumulate. Affected by environmental protection restrictions, it is recommended to use a wide - range shock thinking in the short term [16]. Rubber - The rubber price is affected by supply and demand. The supply is expected to be loose, and the downstream demand is affected by trade barriers. Pay attention to the resonance market with other domestic varieties and the pressure above the main contract [18]. Methanol - The futures price has increased, the inventory has increased, the supply has increased slightly, and the demand has decreased. There is a prominent supply - demand contradiction. The cost provides some support, and the price fluctuates in a range [19]. Agricultural Products Corn - The US corn production exceeds expectations, and the domestic supply is abundant. The downstream demand is weak, but it rebounds in the short term due to the influence of other agricultural product sectors [20][21]. Peanut - The domestic peanut planting area is expected to increase. The new peanuts are about to be listed, and the old - crop inventory is being consumed. The current supply - demand is weak, and the price is supported by the strength of the oil category [22]. Cotton - The US Department of Agriculture's report is positive, but the domestic new - year cotton supply is expected to be abundant. The short - term supply is tight before the new cotton is launched, but there is a negative impact from the expected increase in import quotas. The price is in a weak shock [23]. Soybean Meal - Internationally, it is affected by trade policies and weather. Domestically, the supply pressure is prominent, but there is an expectation of supply shortage in the fourth quarter. The price may test the upper pressure level in the short term [24]. Soybean Oil - The import cost provides support, and the domestic supply pressure is large. The demand is driven by festivals. The price is in a weak adjustment, and attention should be paid to the lower support level [25][26]. Live Pigs - The supply will remain high in the short term, and the demand is weak in the off - season. The price fluctuates weakly and may fluctuate in a range in the short term [27]. Eggs - The supply pressure is significant, and the egg - laying hen inventory is high. The short - term price is boosted by festival preparations, but the upward driving force is insufficient. The current futures price valuation is low [28]. Metals Shanghai Copper - The copper market is affected by global and domestic factors. The global inventory transfer is coming to an end, and domestic policies boost market sentiment. Pay attention to the direction choice after the convergence of the price triangle [29]. Shanghai Aluminum - The supply is stable, and the demand is affected by the off - season and high prices. The inventory has increased, and it may continue to fluctuate in the range of 20300 - 21000 yuan per ton [30][31]. Alumina - The supply is expected to be in surplus, and the demand is mainly for rigid needs. The inventory has increased. The main contract may be in a weak shock in the short term [32]. Casting Aluminum Alloy - The cost provides support, the supply is in surplus, and the demand is affected by the off - season. The inventory is at a relatively high level, and it follows the aluminum price to fluctuate [33]. Lithium Carbonate - The cost is strongly supported, the supply pressure has weakened, and the demand is resilient. The futures price has a flash - crash limit - down, and it may fill the previous gap in the short term [34]. Industrial Silicon - The supply has a slight increase, and the demand structure is differentiated. The fundamentals are under pressure and fluctuate with market sentiment in the short term [35]. Polysilicon - The supply is increasing, and the demand is under pressure. The price is in a wide - range shock in the short term [36]. Black Stainless Steel - The cost support has weakened, the supply has increased slightly, and the demand in the off - season is not good. The price is in a weak shock in the short term [36]. Rebar - The "anti - involution" policy effect is reflected, the cost support has weakened, the demand is weak in the off - season, and the inventory has increased. The price is in a high - level weak shock in the short term [37]. Hot - Rolled Coil - Similar to rebar, the cost support has weakened, the demand is weak in the off - season, and the inventory has accumulated. The price changes from a single - side rise to a high - level shock [38]. Iron Ore - The supply pressure has increased, the demand has weakened marginally, and the inventory is at a high level. The main contract may decline in the short term [39][40]. Coal - For coking coal, the supply recovery is slow, and the demand has weakened marginally. For coke, the demand is supported by high - level iron - water production, but the inventory removal rate has slowed down. The prices of coking coal and coke may decline in the short term [41].

1. Report Industry Investment Rating - All the analyzed energy and chemical products, including crude oil, fuel oil, asphalt, polyester, rubber, methanol, polyolefins, and polyvinyl chloride, are rated as "oscillating" [1][3][4][6][7]. 2. Core Viewpoints of the Report - The decline in US crude oil inventories supports the rebound of oil prices, but the continuous driving force remains to be observed, and oil prices are in a low - range oscillating rhythm. Geopolitical factors such as the Iran nuclear negotiation deadline and potential sanctions also affect the oil market [1]. - The consumption of marine fuel in Singapore increased in July, but the fundamentals of low - sulfur fuel oil are suppressed by sufficient supply, while the high - sulfur market shows signs of stabilization. In the short term, the upward space of high - and low - sulfur fuel oils is not optimistic [3]. - The asphalt market is expected to see a situation of increasing supply and demand in August, and the price will oscillate in a range due to the lack of obvious one - sided driving force [4]. - The polyester market shows signs of demand recovery. PX prices are expected to fluctuate with crude oil prices, and PTA and ethylene glycol prices are expected to oscillate in the short term [4][6]. - The rubber market has firm raw materials, but tire demand and开工 decline, and inventory accumulates. The short - term rubber price is expected to oscillate [6]. - The methanol market has a short - term low supply due to many domestic device overhauls, but the supply will gradually recover. The port inventory is expected to increase, and the price will oscillate narrowly with a near - weak and far - strong structure [6][7]. - The polyolefin market will gradually transition to a situation of strong supply and demand. The cost side does not fluctuate significantly, and the overall will show a narrow - range oscillating pattern [7]. - The polyvinyl chloride market has high - level supply oscillations and gradually recovering demand. The price is expected to oscillate weakly [7][8]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Wednesday, oil prices rebounded. The EIA inventory report showed a decline in US crude oil and gasoline inventories but an increase in distillate inventories. As the deadline for Iran's nuclear negotiation and cooperation approaches, geopolitical risks exist. Indian companies have resumed purchasing Russian oil. The current destocking of US crude oil supports the price rebound, but the continuous driving force remains to be observed, and the price is in a low - range oscillating rhythm [1]. - **Fuel Oil**: On Wednesday, the main contract of high - sulfur fuel oil on the SHFE rose, while the main contract of low - sulfur fuel oil fell. In July, Singapore's marine fuel sales reached a 19 - month high. High - sulfur fuel oil demand increased significantly, and its market share is approaching 40%. In August, the supply of traditional fuel oil in Singapore is still abundant. The low - sulfur fuel oil market is suppressed by supply, while the high - sulfur market may be supported by reduced supply in September [3]. - **Asphalt**: On Wednesday, the main contract of asphalt on the SHFE rose. The planned asphalt production of local refineries in September is expected to increase year - on - year and month - on - month. The social inventory rate decreased slightly, and the refinery inventory level increased. The supply is expected to increase, and the demand in the north is stable, while the demand in the east is expected to recover. The price will oscillate in a range in August [4]. - **Polyester**: TA601, EG2601, and PX futures all rose. The production and sales of polyester yarn in Jiangsu and Zhejiang declined. A Malaysian MEG device has restarted. PX supply and demand are recovering, and PTA and ethylene glycol prices are expected to oscillate in the short term [4][6]. - **Rubber**: On Wednesday, the main contracts of natural rubber, 20 - number rubber, and butadiene rubber all fell. Rubber raw materials are firm, but tire demand and开工 decline, and inventory accumulates. The short - term rubber price is expected to oscillate [6]. - **Methanol**: On Wednesday, spot prices in different regions and international prices are given. Recently, there have been many domestic device overhauls, and the supply is at a short - term low. The supply will gradually recover, and the arrival volume is expected to remain high. The port inventory will increase in the short term, and the price will oscillate narrowly with a near - weak and far - strong structure [6][7]. - **Polyolefins**: On Wednesday, prices and production profits of different types of polyolefins are provided. The subsequent production volume will remain high, and the current downstream enterprise开工 is low. As the peak demand season approaches, the industry开工 rate is expected to increase, and the overall will show a narrow - range oscillating pattern [7]. - **Polyvinyl Chloride**: On Wednesday, PVC market prices in East, North, and South China all decreased. The supply oscillates at a high level, and the demand is gradually recovering. The basis and monthly spread are relatively high, and it is expected that the monthly spread will narrow, and the price will oscillate weakly [7][8]. 3.2 Daily Data Monitoring - Data on the basis, basis rate, and their changes of various energy and chemical products such as crude oil, liquefied petroleum gas, asphalt, high - sulfur fuel oil, low - sulfur fuel oil, methanol, etc. are provided, including spot prices, futures prices, basis, basis rate, and their respective changes from August 19th to 20th [9]. 3.3 Market News - The EIA inventory report shows that US crude oil and gasoline inventories decreased last week, while distillate inventories increased. As of August 15th, US commercial crude oil inventories decreased by 6 million barrels to 420.7 million barrels, which was more than the market expectation. The Strategic Petroleum Reserve increased by 200,000 barrels, and Cushing crude oil inventories increased by 419,000 barrels [12]. - JODI data shows that Saudi Arabia's crude oil exports in June dropped to a three - month low, with exports falling from 6.191 million barrels per day in May to 6.141 million barrels per day. However, the crude oil production in June was 9.752 million barrels per day, higher than that in May [12]. 3.4 Chart Analysis - **4.1 Main Contract Prices**: Charts of the closing prices of main contracts of various energy and chemical products such as crude oil, fuel oil, low - sulfur fuel oil, asphalt, LPG, PTA, ethylene glycol, etc. from 2021 to 2025 are presented [14][17][20][21][23][25][27][28][31]. - **4.2 Main Contract Basis**: Charts of the basis of main contracts of various products such as crude oil, fuel oil, low - sulfur fuel oil, asphalt, ethylene glycol, PP, LLDPE, natural rubber, 20 - number rubber, paraxylene, synthetic rubber, and bottle chips are provided [32][34][38][41][44][45]. - **4.3 Inter - period Contract Spreads**: Charts of the spreads between different contracts of various products such as fuel oil, asphalt, PTA, ethylene glycol, PP, LLDPE, and natural rubber are shown [48][50][53][56][59][61]. - **4.4 Inter - variety Spreads**: Charts of the spreads between different varieties such as crude oil internal and external markets, crude oil B - W spreads, fuel oil high - low sulfur spreads, fuel oil/asphalt ratio, BU/SC ratio, ethylene glycol - PTA spreads, PP - LLDPE spreads, and natural rubber - 20 - number rubber spreads are presented [67][68][69][70]. - **4.5 Production Profits**: Charts of the production profits of ethylene - made ethylene glycol, PP, and LLDPE are provided [72][76]. 4. Research Team Members - **Assistant Director and Energy - Chemical Director**: Zhong Meiyan, with a master's degree from Shanghai University of Finance and Economics, has won multiple "Excellent Analyst" awards and led the team to win many industry service awards. She has over a decade of experience in futures derivatives market research [78]. - **Crude Oil, Natural Gas, Fuel Oil, Asphalt, and Shipping Analyst**: Du Bingqin, with a master's degree in applied economics from the University of Wisconsin - Madison and a bachelor's degree in finance from Shandong University, has won multiple industry awards and has in - depth research on the energy industry [79]. - **Natural Rubber/Polyester Analyst**: Di Yilin, a finance master, has won multiple awards and is engaged in the research of natural rubber, 20 - number rubber, PTA, MEG, and other futures varieties [80]. - **Methanol/PE/PP/PVC Analyst**: Peng Haibo, with an engineering master's degree from China University of Petroleum (East China), is a mid - level economist and has years of experience in energy - chemical spot - futures trading [81].

化工日报 | 2025-08-21 天然橡胶社会库存环比小幅回升 市场要闻与数据 期货方面，昨日收盘RU主力合约15675元/吨，较前一日变动-200元/吨；NR主力合约12525元/吨，较前一日变动-165 元/吨；BR主力合约11715元/吨，较前一日变动-125元/吨。 现货方面，云南产全乳胶上海市场价格14750元/吨，较前一日变动-150元/吨。青岛保税区泰混14530元/吨，较前一 日变动-120元/吨。青岛保税区泰国20号标胶1795美元/吨，较前一日变动-15美元/吨。青岛保税区印尼20号标胶1745 美元/吨，较前一日变动-20美元/吨。中石油齐鲁石化BR9000出厂价格11900元/吨，较前一日变动+0元/吨。浙江传 化BR9000市场价11500元/吨，较前一日变动-250元/吨。 市场资讯 2025年7月中国天然橡胶（含技术分类、胶乳、烟胶片、初级形状、混合胶、复合胶）进口量47.48万吨，环比增加 2.47%，同比减少1.91%，2025年1-7月累计进口数量360.05万吨，累计同比增加21.82%。 2025年前7个月，科特迪瓦橡胶出口量共计908,487吨，较2024年同期的7 ...

Report Summary 1. Industry Investment Rating No investment rating is provided in the report. 2. Core View The market has support at the bottom, and short - long trading is recommended. The overall situation of natural rubber is complex, with a mix of bullish and bearish factors [4]. 3. Summary by Directory Daily Prompt - The fundamentals of natural rubber show that supply is increasing, spot is strong, domestic inventory is starting to rise, and tire operating rate is at a high level, presenting a neutral situation [4]. - The basis is - 1075 with a spot price of 14,600, indicating a bearish signal [4]. - Exchange inventory has increased recently, while Qingdao area inventory has changed slightly [14][17]. - The import volume has rebounded [20]. - Automobile production and sales have seasonally declined, but tire production has reached a new high for the same period, and tire industry exports have declined [23][26][29][32]. - The basis weakened on August 20 [35]. Fundamentals Data - Bullish factors include high downstream consumption, resistant spot prices, and domestic anti - involution [6]. - Bearish factors are increasing supply and negative domestic economic indicators [6]. Basis - The basis on August 20 was - 1075 and it weakened on that day [4][35]. Spot Price - The spot price of 2023 full - latex (non - deliverable) declined on August 20 [8]. Inventory - Exchange inventory has increased recently, and Qingdao area inventory has had small changes [14][17]. Import - The import volume has rebounded [20]. Downstream Consumption - Automobile production and sales have seasonally declined, tire production has reached a new high for the same period, and tire industry exports have declined [23][26][29][32]. Multi - Empty Factors and Main Risk Points - Bullish factors: high downstream consumption, resistant spot prices, and domestic anti - involution [6]. - Bearish factors: increasing supply and negative domestic economic indicators [6].

Group 1: Report Information - Report Name: "Yongan Synthetic Rubber Morning Report" [2] - Research Team: Research Center Energy and Chemicals Team [3] - Report Date: August 21, 2025 [3] Group 2: BR Contract Overview - On August 20, the closing price of the BR main contract was 11,715, a daily decrease of 125 and a weekly decrease of 35 [4] - The open interest of the main contract was 35,691, a daily decrease of 89 [4] - The trading volume of the main contract was 169,064, a daily increase of 67,123 and a weekly increase of 88,883 [4] - The number of warehouse receipts was 12,190, a daily decrease of 30 and a weekly increase of 1,720 [4] - The long - short ratio was 14.64, with no daily change and a weekly increase of 2 [4] Group 3: BR Price and Basis - The Shandong market price was 11,600, a daily decrease of 150 and a weekly decrease of 200 [4] - The Chuanhua market price was 11,500, a daily decrease of 250 and a weekly decrease of 200 [4] - The Qilu ex - factory price was 11,900, with no daily change and a weekly increase of 100 [4] - The CFR Northeast Asia price was 1,450, with no daily or weekly change [4] - The CFR Southeast Asia price was 1,725, with no daily change and a weekly decrease of 10 [4] - The butadiene - styrene basis was 435, a daily decrease of 75 and a weekly decrease of 115 [4] - The 8 - 9 month spread was - 80, a daily decrease of 175 and a weekly decrease of 150 [4] - The 9 - 10 month spread was - 10, with no daily change and a weekly increase of 5 [4] Group 4: BR Processing and Trade - The spot processing profit was - 76, a daily increase of 13 and a weekly decrease of 11 [4] - The on - screen processing profit was 39, a daily increase of 38 and a weekly increase of 154 [4] - The import profit was - 85,491, a daily decrease of 173 and a weekly decrease of 996 [4] - The export profit was - 330, a daily increase of 133 and a weekly increase of 172 [4] Group 5: BD Price and Profit - The Shandong market price of BD was 9,290, a daily decrease of 160 and a weekly decrease of 185 [4] - The Jiangsu market price of BD was 9,250, a daily decrease of 100 and a weekly decrease of 150 [4] - The Yangzi ex - factory price of BD was 9,400, with no daily or weekly change [4] - The CFR China price of BD was 1,080, with no daily change and a weekly increase of 10 [4] - The carbon four extraction profit of BD was not available for the latest data [4] - The butene oxidative dehydrogenation profit of BD was 156, a daily decrease of 100 and a weekly decrease of 150 [4] - The import profit of BD was 338, a daily decrease of 102 and a weekly decrease of 230 [4] - The export profit of BD was - 943, a daily increase of 161 and a weekly increase of 345 [4] Group 6: Downstream Profit - The butadiene - styrene production profit was 938 [4] - The ABS production profit data was not available for the latest period [4] - The SBS (791 - H) production profit was 1,145, with no daily or weekly change [4] Group 7: Price Spreads - The RU - BR spread was - 20,016, a daily decrease of 111 and a weekly decrease of 9,259 [4] - The NR - BR spread was - 23,166, a daily decrease of 76 and a weekly decrease of 9,219 [4] - The Thai mixed - butadiene spread was 2,930, a daily increase of 30 and a weekly increase of 130 [4] - The 3L - butadiene - styrene spread was 2,700, a daily increase of 150 and a weekly increase of 200 [4] - The butadiene standard - non - standard price spread was 150, with no daily change and a weekly decrease of 50 [4] - The butadiene - styrene 1502 - 1712 spread was 950, a daily decrease of 50 and a weekly decrease of 50 [4]