Report Industry Investment Rating - Not provided Core Viewpoint - On Wednesday, the natural rubber futures rebounded. With domestic rubber-producing areas in a state of suspension, and the northeastern part of Thailand gradually ceasing production in January while the southern part is in the peak season, the total inventory of natural rubber in Qingdao, China, has been continuously increasing. In the short term, the elasticity of the supply side has weakened, and the price of raw rubber remains relatively firm. The demand side supports the stable operation of all-steel tire production. After a continuous decline, the rubber price stopped falling and rebounded, and it is expected to continue to fluctuate upward [4] Summary by Relevant Catalog Futures Market - **Price and Change**: The previous day's closing prices of RU, NR, and BR were 16385, 13300, and 13360 respectively, with increases of 205, 165, and 115, and increases of 1.27%, 1.26%, and 0.87% respectively. The spreads of RU - NR, RU - BR, and NR - BR were 3085, 3025, and -60 respectively, with increases of 40, 90, and 50 respectively [2] - **Volume and Position**: The trading volumes of RU, NR, and BR were 245413, 43945, and 69473 respectively. The positions were 13360, 51371, and -10 respectively, with position changes of 115, 1858, and 10 respectively [2] Spot Market - **Domestic Spot**: The current prices of whole milk rubber in Shandong, Shanghai, and Kunming were 16050, 16200, and 16100 respectively, with increases of 1.26%, 1.25%, and 1.26% respectively. The current prices of smoked sheets in Shandong and Shanghai were 18500, with an increase of 0.54%. The current prices of mixed rubber in Qingdao and Yunnan were 15125 and 15950 respectively, with increases of 1.10% and 0.95% respectively [2] - **Downstream Spot**: The current prices of Thai smoked sheets, Thai cup rubber, and Thai latex were 61.19, 52.73, and 58.8 respectively, with increases of 0.96%, 0.00%, and 0.00% respectively [2]