1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoint of the Report - The price of natural rubber is expected to fluctuate at a high level. The raw material price is firm during the low - production season, the supply is expected to increase as the tapping season begins, the demand is recovering well, but high inventory and rising bonded - area inventory put pressure on the price [6] 3. Summary by Relevant Catalogs 3.1 Market Performance - On March 31, 2026, the closing price of the main natural rubber contract was 16,345 yuan/ton, with a daily change of - 0.82% [1] 3.2 Supply - From January to February 2026, the cumulative import of natural rubber was 1.1065 million tons, a year - on - year increase of 14,900 tons or a growth rate of 1.36%. The import volume was slightly lower than that in the same period of 2023, ranking second in the same period in history. The international market demand is average, and domestic downstream pre - festival stocking and arbitrage trading support the high import volume. The global natural rubber is mainly flowing to the Chinese market. The global natural rubber producing areas have normal phenology this year. Starting from mid - March in Yunnan, the world will enter a new tapping season. High raw material prices stimulate tapping enthusiasm, and there is an increasing expectation of new rubber supply in the future [2] 3.3 Demand - On March 27, 2026, the operating rate of China's semi - steel tires was 78.30%, and that of all - steel tires was 70.77%, both higher than the average in the same period over the years. The recovery of tire production line operating rates and the strong export of automobiles drive the downstream to have a stronger purchasing intention, and there may be follow - up purchase orders. The high price of synthetic rubber stimulates some enterprises to increase the substitution purchase of natural rubber, which provides short - term support for the price [3] 3.4 Inventory - According to the survey data of Zhuochuang Information, in the week of March 27, the inventory of general trade warehouses for natural rubber in Qingdao was 566,000 tons, an increase of 4,400 tons or 0.78% from the previous period. The inventory in the bonded area of Qingdao was 141,900 tons, an increase of 600 tons or 0.42% from the previous period [4]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The report presents the latest data and trends of the rubber market, showing that the rubber price fluctuates widely, and the inventory and production of the tire industry have certain changes [1][2][3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market**: The closing price of the rubber main contract (05 contract) increased, with the daily - closing price rising from 16,225 yuan/ton to 16,430 yuan/ton, and the night - closing price rising from 16,315 yuan/ton to 16,410 yuan/ton. The trading volume decreased by 55,550 lots to 243,858 lots, and the open interest decreased by 4,547 lots to 107,227 lots. The net short position of the top 20 members decreased by 2,645 lots to 12,586 lots [1] - **Spread Data**: The basis of the spot - futures main contract decreased by 5 to - 130, the basis of the mixed - futures main contract decreased by 65 to - 910, and the monthly spread of RU05 - RU09 decreased by 32 to - 45. The prices of foreign - market RSS3, STR20, SMR20, and SIR20 all increased [1] - **Substitute Products**: The price of Qilu styrene - butadiene rubber remained unchanged at 17,800 yuan/ton, while the price of Qilu cis - butadiene rubber increased by 350 yuan/ton to 17,650 yuan/ton [1] - **Spot Market**: In the Qingdao market, the import prices of Thai mixed rubber, Thai standard rubber, and African 10 rubber increased, while the prices of Malaysian standard rubber and Malaysian mixed rubber were not provided [1] 3.2 Industry News - As of March 22, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 685,600 tons, a month - on - month increase of 0.8 million tons, or 1.18%. The social inventory of natural rubber in China was 1.36 million tons, a month - on - month decrease of 0.4 million tons, or 0.3% [2][3] - Tire enterprises maintained stable production. Most non - price - increasing enterprises had high enthusiasm for production, with sufficient orders before price hikes. Some economic - type specifications were in short supply. The inventory - reduction performance of all - steel tire enterprises was better than that of semi - steel tire enterprises [3] 3.3 Trend Intensity - The trend intensity of rubber is 0, indicating a neutral view [1]

Group 1: Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. Group 2: Core View of the Report - The report focuses on the rubber market, indicating that the rubber market is in a wide - range oscillation state. The trend strength of rubber is 0, showing a neutral view [1]. Group 3: Summary According to Relevant Catalogs 1. Fundamental Tracking - **Futures Market**: The day - session closing price of the rubber main contract was 16,145 yuan/ton, up 145 yuan from the previous day; the night - session closing price was 16,180 yuan/ton, down 10 yuan. The trading volume was 326,382 lots, an increase of 74,744 lots. The open interest of the 05 contract was 116,891 lots, up 391 lots. The warehouse receipt quantity remained unchanged at 125,440 tons, and the net short position of the top 20 members increased by 1,244 lots [1]. - **Spread Data**: The spot - futures main spread was - 145 yuan, down 45 yuan; the mixed - futures main spread was - 915 yuan, up 5 yuan; the RU05 - RU09 spread was 30 yuan, down 20 yuan [1]. - **Spot Market**: The RSS3 outer - market quotation was 2,495 US dollars/ton, up 5 US dollars; STR20 was 1,995 US dollars/ton, up 15 US dollars; SMR20 was 1,985 US dollars/ton, up 15 US dollars; SIR20 was 1,885 US dollars/ton, up 15 US dollars. The prices of substitutes like Qilu butadiene styrene and Qilu cis - butadiene increased by 1,500 yuan/ton. In the Qingdao market, the prices of Thai standard and Thai mixed remained unchanged, while the price of African 10 decreased by 5 US dollars [1]. 2. Industry News - As of March 22, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 685,600 tons, a month - on - month increase of 8,000 tons, with a growth rate of 1.18%. The bonded area inventory was 122,100 tons, with a growth rate of 0.66%; the general trade inventory was 563,500 tons, with a growth rate of 1.29%. The inbound rate of the bonded warehouse increased by 1.41 percentage points, and the outbound rate increased by 1.50 percentage points; the inbound rate of the general trade warehouse increased by 1.62 percentage points, and the outbound rate decreased by 0.41 percentage points [2][3]. - Tire enterprise equipment is operating stably, with little short - term supply - side fluctuation. Most enterprises are in the stage before price increase implementation, with good sales. Some enterprises implementing price increase policies are mainly delivering pre - reserved orders. The overall inventory reduction rhythm of enterprises is good, and the overall sales performance before the end of the month still provides certain support for the enterprise sales level [3].

1. Report's Industry Investment Rating - No relevant information provided 2. Core View of the Report - The natural rubber market supply side still has strong support as overseas is in the low - production period with rising raw material procurement prices, and although Yunnan in China is gradually starting to harvest, the new rubber output is small [4] - The production of most all - steel tire enterprises remains stable, with some increasing daily production to fill previous order gaps. The implementation of price increases by enterprises varies, adjusted flexibly according to profit levels and order situations [4] 3. Summary by Related Catalog 3.1 Fundamental Data - **Futures Market**: The daily closing price of the rubber main contract was 16,870 yuan/ton, up 105 yuan from the previous day; the night - closing price was 16,780 yuan/ton, down 65 yuan. The trading volume was 278,101 lots, a decrease of 62,803 lots. The open interest of the 05 contract was 134,869 lots, a decrease of 5,436 lots. The warehouse receipt quantity was 120,800 tons, a decrease of 40 tons. The net short position of the top 20 members was 23,929 lots, a decrease of 3,220 lots [2] - **Spread Data**: The basis of spot - futures main contract was - 170 yuan/ton, down 5 yuan; the basis of mixed - futures main contract was - 1,220 yuan/ton, down 5 yuan. The monthly spread of RU05 - RU09 was 85 yuan/ton, down 10 yuan [2] - **Spot Market**: The RSS3 outer - market quote was 2,530 US dollars/ton, unchanged; the STR20 was 2,050 US dollars/ton, unchanged; the SMR20 was 2,040 US dollars/ton, unchanged; the SIR20 was 1,955 US dollars/ton, up 5 US dollars. The price of Qilu styrene - butadiene rubber was 16,000 yuan/ton, down 100 yuan; the Qilu cis - butadiene rubber was 15,500 yuan/ton, unchanged. The price of Thai standard rubber in Qingdao market decreased by 30 US dollars/ton, and the African 10 decreased by 30 - 35 US dollars/ton [2] 3.2 Industry News - As of March 15, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 67.76 million tons, a decrease of 0.28 million tons or 0.42% from the previous period. The bonded area inventory increased by 1.43% to 12.13 million tons, and the general trade inventory decreased by 0.81% to 55.63 million tons. The inbound and outbound rates of bonded warehouses and general trade warehouses in Qingdao increased [3][4]

Group 1: Report Summary - The report is about the rubber market on February 27, 2026, indicating that the rubber market is in a wide - range oscillation [1] Group 2: Fundamental Data Futures Market - The day - session closing price of the rubber main contract was 17,125 yuan/ton, down 115 yuan from the previous day; the night - session closing price was 17,080 yuan/ton, down 235 yuan. The trading volume was 269,900 lots, a decrease of 2,877 lots, and the open interest of the 05 contract was 172,951 lots, a decrease of 2,140 lots. The warehouse receipt quantity was 114,070 tons, an increase of 1,500 tons, and the net short position of the top 20 members was 24,124 lots, an increase of 1,460 lots [2] Spread Data - The basis of spot - futures main contract was - 175, an increase of 15; the basis of mixed - futures main contract was - 1,225, an increase of 15; the monthly spread of RU05 - RU09 was 135, an increase of 5 [2] Spot Market - The RSS3 outer - market quotation was 2,460 dollars/ton, an increase of 20 dollars; STR20 and SMR20 remained unchanged at 2,100 dollars/ton and 2,090 dollars/ton respectively; SIR20 was 2,015 dollars/ton, a decrease of 5 dollars. The prices of substitutes like Qilu butadiene styrene and Qilu cis - butadiene decreased. In the Qingdao market, the prices of some imported rubbers such as Thai standard, African 10 increased [2] Trend Intensity - The rubber trend intensity was 0, indicating a neutral trend [2] Group 3: Industry News - This week, the natural rubber market saw a strong rise in prices due to the resonance of positive factors at home and abroad. The weekly average price of Shanghai full - latex was 16,738 yuan/ton, an increase of 578 yuan or 3.57%; the weekly average price of 20 - grade Thai standard in the Qingdao market was 2,043 dollars/ton, an increase of 73 dollars or 3.68%; the weekly average price of 20 - grade Thai mixed in the Qingdao market was 15,768 yuan/ton, an increase of 502 yuan or 3.29% [3][4]

Group 1: Report's Investment Rating for the Industry - There is no information provided about the report's industry investment rating in the given content. Group 2: Core View of the Report - Global total supply of rubber is expected to shrink seasonally, and overseas raw material prices have room to rise further, which boosts rubber prices from the cost side [3]. - Downstream pre - Spring Festival stocking is basically completed, and they are resistant to the current high - priced raw materials. The recent market fluctuates with the bulk market, and short - term rubber price increases are large, so the risk of a callback needs to be vigilant [3]. Group 3: Summary Based on Related Catalogs 1. Fundamental Tracking - **Futures Market**: The day - session closing price of the rubber main contract was 16,360 yuan/ton, down 330 yuan from the previous day; the night - session closing price was 16,350 yuan/ton, down 505 yuan. The trading volume was 518,534 lots, an increase of 99,649 lots. The open interest of the 05 contract was 172,618 lots, a decrease of 23,036 lots. The warehouse receipt quantity was 110,930 tons, a decrease of 40 tons. The net short position of the top 20 members was 33,772 lots, a decrease of 6,040 lots [1]. - **Spread Data**: The basis of spot - futures main contract was - 210, an increase of 30; the basis of mixed - futures main contract was - 1,130, an increase of 110; the monthly spread of RU05 - RU09 was 135, an increase of 20 [1]. - **Spot Market**: The RSS3 outer - market quotation was 2,200 US dollars/ton, unchanged; STR20 was 1,985 US dollars/ton, an increase of 10; SMR20 was 1,975 US dollars/ton, an increase of 10; SIR20 was 1,895 US dollars/ton, an increase of 15. The price of Qilu styrene - butadiene rubber was 13,300 yuan/ton, an increase of 100; Qilu cis - butadiene rubber was 12,950 yuan/ton, unchanged. The price of Thai mixed rubber in the Qingdao market was 1,970 - 1,975 US dollars/ton (near - port), an increase of 35, and Thai standard rubber was 1,970 - 1,975 US dollars/ton, an increase of 35. The African 10 price was 1,900 US dollars/ton, an increase of 35 [1]. 2. Industry News - In January 2026, the estimated import volume of natural rubber in China was 68.5 tons, a decrease of 11.84 tons compared with the final import value of 80.34 tons in December. Although there is an expected decrease, the value remains at a high level [2][3]. 3. Trend Intensity - The trend intensity of rubber is - 1, indicating a weak - bearish outlook [1].

Report Summary 1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views - For the sugar market, the outer - market ICE raw sugar failed to break through the 15 - cent per pound pressure. Overseas fundamentals have limited changes, and the market focuses on the production in India and Thailand. The short - term disk drive is weak and may fluctuate within a range. The domestic Zhengzhou sugar has narrow fluctuations. After the pre - Spring Festival stocking is basically over, the market trading atmosphere is light. Without unexpected events, the upward pressure on the disk is significant [1]. - For the rubber market, natural rubber has entered a seasonal reduction period, with overseas raw material prices supported by stocking demand. The downstream tire enterprise operating rate has no obvious change, and the Qingdao port continues the seasonal inventory accumulation trend. The short - term disk may be mainly in a strong consolidation. Synthetic rubber has a tight domestic butadiene supply. After a sharp rise, the downstream profit is under pressure, and the BR price has corrected. Affected by the decline in market sentiment, BR may show a consolidation trend [4]. 3. Summary by Related Catalogs Sugar - **Market Performance**: On January 27, 2026, the closing price of SR605 contract was 5168 yuan/ton, with a daily decline of 0.08%, and the night - session closed at 5165 yuan/ton; the closing price of SR609 contract was 5185 yuan/ton, with a daily decline of 0.08%, and the night - session closed at 5180 yuan/ton [1]. - **Important Information**: The spot price of Guangxi white sugar decreased by 8 yuan/ton to 5239 yuan/ton; most of the Guangxi sugar - making group's quotes decreased by 10 yuan/ton, and the Yunnan sugar - making group's quotes decreased by 10 yuan/ton. The mainstream quotes of processing sugar factories decreased by 10 yuan/ton in some cases. The estimated domestic sugar production in the 2025/26 crushing season is about 34.35 million tons, and the consumption is about 28.5 million tons, an increase of 400,000 tons compared with the previous season. Brazil exported 1.7376 million tons of sugar and molasses in the first four weeks of January, with a daily average export volume of 108,600 tons. In January 2025, Brazil's sugar export volume was 2.0622 million tons, with a daily average export volume of 93,700 tons. In December of the 2025/26 crushing season, the ethanol blending ratio in Indian gasoline reached 20% for the first time. The number of white sugar warehouse receipts on the Zhengzhou Commodity Exchange remained unchanged at 13,715 [1]. - **Market Logic**: Overseas, the outer - market ICE raw sugar is mainly in a range - bound state. Domestically, the pre - Spring Festival stocking is over, and the market lacks guidance from fundamentals and the outer - market, with significant upward pressure on the disk [1]. - **Trading Strategy**: For SR605, focus on the range of 5100 - 5300 yuan/ton, and use a short - term trading strategy of high - selling and low - buying [1]. Rubber - **Market Performance**: As of January 27, 2026, the closing price of RU2605 contract was 16,205 yuan/ton, with a daily decline of 0.15%; the closing price of NR2603 contract was 13,085 yuan/ton, with a daily decline of 0.00%; the closing price of BR2603 contract was 13,045 yuan/ton, with a daily decline of 1.66% [4]. - **Important Information**: The price of Thai raw material glue is 57.9 Thai baht/kg, and the price of cup rubber is 53.2 Thai baht/kg. As of January 25, 2026, the total inventory of natural rubber in Qingdao's bonded and general trade is 584,500 tons, a decrease of 400 tons from the previous period, with a decline of 0.07%. The bonded area inventory decreased by 5.03% to 94,500 tons, and the general trade inventory increased by 0.95% to 490,000 tons. The prices of some rubber products changed, and the price difference between RU and NR and the price difference between mixed standard rubber and RU also changed [4]. - **Market Logic**: Natural rubber is in a seasonal reduction period, with supply shortage expectations. The downstream tire enterprise operating rate is stable, and the Qingdao port continues to accumulate inventory. The short - term disk may be in a strong consolidation. Synthetic rubber has a tight butadiene supply, and the price has corrected after a sharp rise. Affected by market sentiment, BR may show a consolidation trend [4]. - **Trading Strategy**: For natural rubber, take profit on long positions or hold and observe the pressure near the previous high. For BR, hold and observe or take partial profit [4].

Report Industry Investment Rating - The investment rating for the rubber industry is "shockingly weak" [1] Core View - The rubber market shows a shockingly weak trend, with various data in the futures and spot markets experiencing fluctuations [1] Summary by Relevant Catalog Fundamental Tracking - **Futures Market**: The daily closing price of the rubber main contract was 15,745 yuan/ton, down 90 yuan from the previous day; the night closing price was 15,610 yuan/ton, down 140 yuan. The trading volume was 216,355 lots, a decrease of 131,826 lots. The open interest of the 05 contract was 186,443 lots, a decrease of 4,496 lots. The warehouse receipt quantity increased by 1,500 tons to 109,890 tons, and the net short position of the top 20 members decreased by 4,064 lots to 39,694 lots [1] - **Spread Data**: The basis of "spot - futures main contract" was -245 yuan, a decrease of 10 yuan; the basis of "mixed - futures main contract" was -895 yuan, an increase of 10 yuan. The monthly spread of RU05 - RU09 was 40 yuan, an increase of 10 yuan. The RSS3 outer - disk quotation remained unchanged at 2,160 US dollars/ton, while STR20, SMR20, and SIR20 decreased by 5 US dollars/ton respectively [1] - **Substitutes and Spot Market**: The price of Qilu styrene - butadiene rubber decreased by 150 yuan/ton to 12,100 yuan/ton, and the price of Qilu cis - butadiene rubber decreased by 50 yuan/ton to 11,700 yuan/ton. In the Qingdao market, the price of Thai standard and Thai mixed rubber decreased by 10 US dollars/ton, and the price of African 10 decreased by 15 US dollars/ton [1] Industry News - As of January 18, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 58.49 tons, a month - on - month increase of 1.67 tons, or 2.94%. The bonded area inventory increased by 6.42% to 9.95 tons, and the general trade inventory increased by 2.26% to 48.54 tons. The inbound rate and outbound rate of bonded and general trade warehouses both increased [2] Supply Situation - Enterprises adjust production schedules flexibly according to their own inventory, shipments, and orders. Some enterprises that limited production last week may increase production this week, while others may moderately reduce production due to shipment pressure. Overall, the supply side fluctuates slightly, and the shipment of some enterprises in Shandong has slowed down due to weather [4] Trend Intensity - The rubber trend intensity is -1, indicating a relatively bearish view [1]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The rubber market is expected to experience wide - range fluctuations [1] - The trend strength of rubber is 0, indicating a neutral outlook [2] Summary of Related Catalogs Fundamental Data - **Futures Market**: The daily closing price of the rubber main contract was 16,160 yuan/ton, up 185 yuan from the previous day; the night - closing price was 16,155 yuan/ton, up 15 yuan. The trading volume was 481,772 lots, an increase of 101,516 lots. The open interest of the 05 contract was 199,739 lots, an increase of 5,065 lots, and the number of warehouse receipts remained unchanged at 105,590 tons. The net short position of the top 20 members increased by 1,154 lots to 47,479 lots [2] - **Spread Data**: The basis of spot - futures main contract decreased by 35 to - 310, the basis of mixed - futures main contract decreased by 85 to - 1,010, and the monthly spread of RU05 - RU09 decreased by 10 to 20 [2] - **Spot Market**: The outer - market quotes of RSS3, STR20, SMR20, and SIR20 remained unchanged. The prices of Qilu styrene - butadiene rubber and Qilu cis - butadiene rubber increased by 100 yuan/ton. The prices of Thai mixed rubber and Thai standard rubber in the Qingdao market decreased by 10 dollars/ton, and the price of African 10 decreased by 15/10 dollars/ton [2] Industry News - As of January 11, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 56.82 million tons, a month - on - month increase of 1.98 million tons or 3.62%. The bonded area inventory increased by 6.14% to 9.35 million tons, and the general trade inventory increased by 3.13% to 47.47 million tons. The inbound rate of sample bonded warehouses decreased by 1.64 percentage points, and the outbound rate increased by 1.97 percentage points; the inbound rate of general trade warehouses decreased by 0.33 percentage points, and the outbound rate increased by 0.33 percentage points [3][4] - The spread between the main contracts of RU and NR widened by 10 yuan/ton to 3,145 yuan/ton, and the spread between mixed standard rubber and the main RU contract widened by 85 yuan/ton to - 1,010 yuan/ton [4] - There is a certain difference in the release of production capacity between enterprises. Some semi - steel tire enterprises have an increase in foreign trade orders, and their production has been further released. Some are still under production control due to sales pressure. Overall, foreign trade shipments support the overall shipments, but domestic sales pressure remains high [4]

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - **Rubber**: On Wednesday, the domestic Shanghai rubber futures contract 2605 showed a trend of increasing volume and open interest, surging then giving back gains, and stabilizing with a slight upward shift in the intraday price center to around 16,160 yuan/ton. The contract closed with a 0.53% increase at 16,160 yuan/ton, and the 5 - 9 month spread premium widened to 20 yuan/ton. The domestic rubber market is currently driven by supply - demand fundamentals, and rubber prices may maintain a moderately bullish and volatile pattern [6]. - **Methanol**: On Wednesday, the domestic methanol futures contract 2605 showed a trend of decreasing volume and open interest, being moderately bullish and volatile, and closing with a slight increase. The price reached a high of 2,310 yuan/ton and a low of 2,263 yuan/ton, closing 1.15% higher at 2,288 yuan/ton. The 5 - 9 month spread discount narrowed to 0 yuan/ton. With differences between bulls and bears emerging, methanol futures maintained a stable and volatile trend [6]. - **Crude Oil**: On Wednesday, the domestic crude oil futures contract 2603 showed a trend of increasing volume and open interest, being moderately bullish and volatile, and slightly rebounding. The price reached a high of 454.3 yuan/barrel and a low of 444.4 yuan/barrel, closing 1.96% higher at 448.0 yuan/barrel. Geopolitical factors have become prominent again, overriding the weak supply - demand fundamentals, and short - term oil prices are expected to maintain a moderately bullish pattern [6]. 3. Summaries by Section 3.1 Industry Dynamics - **Rubber**: As of January 4, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 548,300 tons, a week - on - week increase of 23,500 tons (4.48%). As of January 9, 2026, the capacity utilization rate of China's semi - steel tire sample enterprises was 63.78%, a week - on - week decrease of 2.75 percentage points and a year - on - year decrease of 13.97 percentage points; the capacity utilization rate of full - steel tire sample enterprises was 55.50%, a week - on - week decrease of 2.43 percentage points and a year - on - year decrease of 3.37 percentage points. In December 2025, the inventory warning index of Chinese automobile dealers was 57.7%, a year - on - year increase of 7.5 percentage points and a month - on - month increase of 2.1 percentage points. The LPI in December 2025 was 52.4%, a month - on - month increase of 1.5 percentage points. In December 2025, China's heavy - truck market sold about 95,000 vehicles, a month - on - month decrease of about 16% and a year - on - year increase of about 13%. In 2025, the total sales of China's heavy - truck market reached a new high of 1.137 million vehicles in the past four years, a year - on - year increase of about 26% [8][9]. - **Methanol**: As of the week of January 9, 2026, the average domestic methanol operating rate was 86.38%, a week - on - week decrease of 0.20%, a month - on - month increase of 2.64%, and a significant year - on - year increase of 6.72%. The average weekly methanol output was 2.0424 million tons, a week - on - week decrease of 8,700 tons, a month - on - month increase of 18,900 tons, and a significant year - on - year increase of 139,200 tons. As of the week of January 9, 2026, the domestic formaldehyde operating rate was 31.05%, a week - on - week decrease of 0.65%; the dimethyl ether operating rate was 7.30%, a week - on - week increase of 1.51%; the acetic acid operating rate was 81.89%, a week - on - week increase of 4.28%; the MTBE operating rate was 58.12%, a week - on - week increase of 0.01%. The average operating load of domestic coal (methanol) to olefin plants was 81.65%, a week - on - week increase of 0.33 percentage points and a month - on - month decrease of 1.17%. As of January 9, 2026, the futures profit of domestic methanol to olefin was - 270 yuan/ton, a week - on - week increase of 30 yuan/ton and a month - on - month decrease of 264 yuan/ton. The port methanol inventory in East and South China was 1.1593 million tons, a week - on - week decrease of 9,300 tons, a month - on - month increase of 40,800 tons, and a significant year - on - year increase of 402,300 tons. As of the week of December 31, 2025, the total inland methanol inventory was 422,700 tons, a week - on - week increase of 18,600 tons, a month - on - month increase of 49,000 tons, and a year - on - year increase of 80,500 tons [10][11][12]. - **Crude Oil**: As of the week of January 2, 2026, the number of active US oil drilling rigs was 412, a week - on - week increase of 3 and a year - on - year decrease of 70. The average daily US crude oil production was 13.811 million barrels, a week - on - week decrease of 16,000 barrels per day and a significant year - on - year increase of 248,000 barrels per day. As of the week of January 2, 2026, the US commercial crude oil inventory (excluding strategic petroleum reserves) was 419 million barrels, a week - on - week decrease of 3.832 million barrels and a significant year - on - year increase of 4.414 million barrels. The crude oil inventory in Cushing, Oklahoma was 22.84 million barrels, a week - on - week increase of 728,000 barrels; the US strategic petroleum reserve (SPR) inventory was 413.5 million barrels, a week - on - week increase of 245,000 barrels. The US refinery operating rate was 94.7%, a week - on - week increase of 0.1 percentage points, a month - on - month increase of 0.2 percentage points, and a year - on - year increase of 1.4 percentage points. As of January 6, 2026, the average non - commercial net long positions in WTI crude oil were 57,352 contracts, a week - on - week decrease of 7,239 contracts and a 2.41% decrease from the December average. As of January 6, 2026, the average net long positions of Brent crude oil futures funds were 120,686 contracts, a week - on - week decrease of 6,220 contracts and a 14.44% increase from the December average [13][14]. 3.2 Spot Price Table | Variety | Spot Price | Change from Previous Day | Futures Main Contract | Change from Previous Day | Basis | Change | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | Shanghai Rubber | 15,850 yuan/ton | +50 yuan/ton | 16,160 yuan/ton | +185 yuan/ton | - 310 yuan/ton | - 135 yuan/ton | | Methanol | 2,280 yuan/ton | +13 yuan/ton | 2,288 yuan/ton | +25 yuan/ton | - 8 yuan/ton | - 12 yuan/ton | | Crude Oil | 417.2 yuan/barrel | +0.1 yuan/barrel | 448.0 yuan/barrel | +1.3 yuan/barrel | - 30.8 yuan/barrel | - 1.2 yuan/barrel | [16] 3.3 Related Charts The report provides various charts for rubber, methanol, and crude oil, including basis, month - to - month spreads, inventory, and operating rate charts, but no specific analysis of these charts is provided in the text [17][30][42].