Core Insights - The report indicates a bearish outlook for both Shanghai rubber (RU) and synthetic rubber (BR) in the short and medium term, with expectations of weak performance in the market [5][7]. Summary by Sections Shanghai Rubber (RU) - Short-term and medium-term views are both characterized as "oscillating weak," with a reference viewpoint of weak operation [5]. - The core logic suggests that recent macroeconomic sentiment has improved, helping the market to digest previous negative impacts from the US tariff situation. However, the upcoming rubber tapping season in Southeast Asia and domestic regions like Yunnan and Hainan is expected to increase supply pressure [5]. - The domestic automotive market showed optimistic production and sales data for March, indicating significant year-on-year and month-on-month growth, which could boost rubber demand expectations [5]. - Despite the positive automotive data, tire manufacturers are facing reduced operating rates as the May Day holiday approaches, leading to weakened demand expectations [5]. - On Thursday night, the Shanghai rubber futures contract (2509) closed down 0.41% at 14,595 CNY/ton, with expectations of continued weak oscillation on Friday [5]. Synthetic Rubber (BR) - Similar to Shanghai rubber, the short-term and medium-term views for synthetic rubber are also "oscillating weak," with a reference viewpoint of weak operation [7]. - The report notes that the macroeconomic sentiment has improved, allowing the market to absorb the adverse effects of the US tariff situation. The domestic automotive market's March production and sales data also showed significant growth [7]. - However, tire manufacturers are expected to reduce their operating rates as the May Day holiday approaches, leading to diminished demand expectations [7]. - The inventory reduction pace for synthetic rubber remains slow, contributing to ongoing supply pressure [7]. - On Thursday night, the synthetic rubber futures contract (2506) fell sharply by 2.08% to 10,840 CNY/ton, with expectations of continued weak oscillation on Friday [7].