Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The natural rubber is in the seasonal low - production stage. The early opening of the domestic Yunnan production area increases the expected pressure of new rubber supply, suppressing the rubber price. However, the domestic production area is still in the early stage of tapping with low output, and the specific output situation needs continuous observation. The Thai production area is still in the low - production season, which usually lasts until May. The total inventory of natural rubber in Qingdao, China, continues to accumulate, and the short - term supply elasticity weakens, with the raw material rubber price relatively firm. The demand side has stable all - steel tire production. The rubber price is currently facing the pressure of new rubber supply, and the strong night trading of synthetic rubber drives the natural rubber to stabilize and strengthen. The short - term trend is expected to remain strong [2] Group 3: Summary by Related Catalogs Futures Market - **Price and Volume**: The previous day's closing prices of RU, NR, and BR were 16400, 13670, and 17350 respectively, with price drops of - 165, - 175, and - 375, and percentage drops of - 1.00%, - 1.26%, and - 2.12%. The trading volumes were 90295, 34036, and 683189 respectively. The open interests were 111032, 45063, and 72237 respectively, with changes of 2228, 2020, and - 14968 [2] - **Spreads**: The current spreads of RU - NR, RU - BR, and NR - BR are 2730, - 950, and - 3680 respectively, with changes of 10, 210, and 200 compared to the previous values [2] - **Basis**: The current RU basis, basis of mixed rubber - RU, and basis of smoked sheet - RU are - 150, - 620, and 3300 respectively, with changes compared to the previous values [2] Spot Market - **Domestic Spot**: The current prices of whole - milk rubber in Shandong, Shanghai, and Kunming are 16200, 16250, and 16250 yuan/ton respectively, with percentage changes of - 0.92%, - 0.91%, and 0.00%. The prices of smoked sheet rubber in Shandong and Shanghai are 19700 yuan/ton, with a percentage change of - 0.51%. The prices of mixed rubber in Qingdao and Yunnan are 15780 and 16185 yuan/ton respectively, with percentage changes of 0.61% and - 0.40% [2] - **Downstream in Thailand**: The current prices of Thai smoked sheet, Thai cup rubber, and Thai latex are 79.55, 60.81, and 80 Thai baht/kg respectively, with percentage changes of 0.76%, - 0.62%, and 0.63% [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - No clear core viewpoints are presented in the report; it mainly offers various commodity and index-related data, including basis, spreads, and ratios 3. Summary by Category 3.1 Power Coal - Basis data from March 25 to March 31, 2026, shows values such as -45.4, -41.4, -40.4, -40.4, and -46.4 respectively; the spreads between different contract months (5 - 1, 9 - 1, 9 - 5) are all 0.0 [2] 3.2 Energy and Chemicals 3.2.1 Energy Commodities - INE crude oil, fuel oil, and the ratio of crude oil to asphalt have corresponding basis and ratio data from March 25 to March 31, 2026 [5] 3.2.2 Chemical Commodities - Basis data for various chemical products (natural rubber, methanol, PTA, LLDPE, PP, etc.) from March 25 to March 31, 2026, are provided; also includes spread data between different contract months and cross - product spread data [7] 3.3 Black Metals - Basis data for black metals (rebar, iron ore, coke, coking coal) from March 25 to March 31, 2026, are presented; spread data between different contract months and cross - product ratio data are also included [11] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - Domestic basis data for non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) from March 25 to March 31, 2026, are provided [21] 3.4.2 London Market - LME data for non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) on March 31, 2026, including LME premium/discount, Shanghai - London ratio, CIF price, domestic spot price, and import profit/loss [27] 3.5 Agricultural Products - Basis data for agricultural products (soybean No. 1, soybean No. 2, soybean meal, soybean oil, etc.) from March 25 to March 31, 2026, are provided; spread data between different contract months and cross - product ratio data are also included [34] 3.6 Stock Index Futures - Basis data for stock index futures (CSI 300, SSE 50, CSI 500, CSI 1000) from March 25 to March 31, 2026, are presented; spread data between different contract months are also included [45]

Report Industry Investment Rating - Not provided Core View - The natural rubber is in a seasonal low-yield stage. The early start of tapping in Yunnan, China, has increased the expected pressure of new rubber supply, suppressing rubber prices. However, the domestic production areas are still in the early stage of tapping with low output, and the specific output situation needs continuous observation. The Thai production area is still in the low-yield season, which usually lasts until May. The total inventory of natural rubber in Qingdao, China, continues to accumulate, and the short-term supply-side elasticity weakens, with the raw material rubber price relatively firm. On the demand side, the start-up of all-steel tires is stable. The rubber price is currently facing the pressure of new rubber supply, but the strength of synthetic rubber forms a downward support. The short-term trend is expected to be oscillating and slightly stronger. [2] Summary by Related Catalogs Futures Market - **Price and Spread**: The previous day's closing prices of RU, NR, and BR were 16,555, 13,735, and 17,840 respectively. The price differences between RU - NR, RU - BR, and NR - BR were 2,820, -1,285, and -4,105 respectively. Compared with the day before, RU rose by 95 (0.58%), NR rose by 100 (0.73%), and BR fell by 135 (-0.75%). The price differences changed by -5, 230, and 235 respectively. [2] - **Volume and Open Interest**: The trading volumes of RU, NR, and BR were 82,998, 67,150, and 1,079,855 respectively. The open interests were 102,743, 47,433, and 102,156 respectively. The changes in open interest were 584, -3,597, and -14,791 respectively. [2] - **Basis**: The current basis of RU was -205, the basis of mixed - RU was -970, and the basis of smoked sheet - RU was 3,245. Compared with the previous value, the basis of RU decreased by 45, the basis of mixed - RU decreased by 35, and the basis of smoked sheet - RU increased by 5. [2] Spot Market - **Domestic Spot**: The current prices of whole milk rubber in Shandong, Shanghai, and Kunming were 16,300, 16,350, and 16,200 yuan/ton respectively, with increases of 0.62%, 0.31%, and 0.00% respectively. The prices of smoked sheet rubber in Shandong and Shanghai were 19,800 yuan/ton, with an increase of 0.51%. The prices of mixed rubber in Qingdao and Yunnan were 15,585 and 16,290 yuan/ton respectively, with increases of 0.39% and 0.40% respectively. [2] - **Downstream Spot**: The current prices of Thai smoked sheet, Thai cup rubber, and Thai latex were 77.96, 62.25, and 77.5 Thai baht/kg respectively. Compared with the previous value, Thai smoked sheet rose by 1.70%, Thai cup rubber remained unchanged, and Thai latex rose by 0.65%. [2]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - Not mentioned in the provided content 3. Summary by Related Catalogs Ferrous Metals - Silicon iron (SF603) spot price is 5898, futures price is 5796, with a basis of 102, a basis rate of 1.76%, and a historical quantile of 70.60% [1] - Silicon manganese (SM603) spot price is 6220, futures price is 6138, with a basis of 82, a basis rate of 1.34%, and a historical quantile of 42.50% [1] - Rebar (RB2605): Information incomplete. - Hot - rolled coil (HC2605) spot price is 3290, futures price is 3310, with a basis of - 20, a basis rate of - 0.60%, and a historical quantile of 10.70% [1] - Iron ore (I2605) spot price is 845, futures price is 811, with a basis of 34, a basis rate of 4.22%, and a historical quantile of 29.10% [1] - Coke (J2605) spot price is 1734, futures price is 1722, with a basis of 13, a basis rate of 0.74%, and a historical quantile of 73.34% [1] - Coking coal (JM2605) spot price is 1247, futures price is 1157, with a basis of 91, a basis rate of 7.83%, and a historical quantile of 49.60% [1] Non - ferrous Metals - Copper (CU2604) spot price is 98990, futures price is 98590, with a basis of 400, a basis rate of 0.41%, and a historical quantile of 86.45% [1] - Aluminum (AL2605) spot price is 24510, futures price is 24800, with a basis of - 290, a basis rate of - 1.11%, and a historical quantile of 6.66% [1] - Alumina (AO2605) spot price is 2720, futures price is 3048, with a basis of - 328, a basis rate of - 10.77%, and a historical quantile of 1.54% [1] - Zinc (ZN2604) spot price is 23130, futures price is 23325, with a basis of - 195, a basis rate of - 0.84%, and a historical quantile of 16.25% [1] - Tin (SN2604) spot price is 369500, futures price is 370000, with a basis of - 500, a basis rate of - 0.14%, and a historical quantile of 37.08% [1] - Nickel (NISEOR) spot price is 134700, futures price is 135200, with a basis of - 500, a basis rate of - 0.37%, and a historical quantile of 26.87% [1] - Stainless steel (SS2605) spot price is 14350, futures price is 14020, with a basis of 500, a basis rate of 3.57%, and a historical quantile of 86.90% [1] - Lithium carbonate (LC2605) spot price is 155500, futures price is 150120, with a basis of 5380, a basis rate of 3.58%, and a historical quantile of 97.35% [1] - Industrial silicon (SISEO5) spot price is 9200, futures price is 8375, with a basis of 855, a basis rate of 9.85%, and a historical quantile of 55.97% [1] Precious Metals - Gold (AU2604) spot price is 1111.7, futures price is 1113.52, with a basis of - 1.8, a basis rate of - 0.16%, and a historical quantile of 47.10% [1] - Silver (AG2606) spot price is 19966.0, futures price is 19980.0, with a basis of - 14.0, a basis rate of - 0.07%, and a historical quantile of 68.40% [1] Agricultural Products - Soybean meal (M2605) spot price is 3290, futures price is 3036.0, with a basis of 254.0, a basis rate of 8.37%, and a historical quantile of 67.90% [1] - Fourth - grade soybean oil (ASEO2) spot price is 8770, futures price is 8540.0, with a basis of 230.0, a basis rate of 2.69%, and a historical quantile of 49.50% [1] - Palm oil (P2605) spot price is 9680, futures price is 9692.0, with a basis of - 12.0, a basis rate of - 0.12%, and a historical quantile of 23.30% [1] - Rapeseed meal (RM605) spot price is 2470, futures price is 2443.0, with a basis of 27.0, a basis rate of 1.11%, and a historical quantile of 51.00% [1] - Fourth - grade rapeseed oil (Oleos) spot price is 10280, futures price is 9780.0, with a basis of 500.0, a basis rate of 5.11%, and a historical quantile of 91.40% [1] - Corn (C2605) spot price is 2420, futures price is 2382.0, with a basis of 38.0, a basis rate of 1.60%, and a historical quantile of 54.60% [1] - Corn starch (CS2605) spot price is 2850, futures price is 2721.0, with a basis of 129.0, a basis rate of 4.74%, and a historical quantile of 66.00% [1] - Live pigs (H2605) spot price is 10100, futures price is 10475.0, with a basis of - 375.0, a basis rate of - 3.58%, and a historical quantile of 30.20% [1] - Eggs (JD2605) spot price is 3110, futures price is 3400.0, with a basis of - 290.0, a basis rate of - 8.53%, and a historical quantile of 17.30% [1] - Cotton (CF605) spot price is 16650, futures price is 15210.0, with a basis of 1440.0, a basis rate of 9.47%, and a historical quantile of 95.40% [1] - White sugar (SR605) spot price is 5470, futures price is 5343.0, with a basis of 127.0, a basis rate of 2.38%, and a historical quantile of 16.60% [1] - Apples (AP605) spot price is 9800, futures price is 10121.0, with a basis of - 321.0, a basis rate of - 3.17%, and a historical quantile of 10.70% [1] - Red dates (CJ605) spot price is 7900, futures price is 8795.0, with a basis of - 895.0, a basis rate of - 10.18%, and a historical quantile of 45.10% [1] Energy and Chemicals - p - Xylene (PX605) spot price is 9906.9, futures price is 9874.0, with a basis of 32.9, a basis rate of 0.33%, and a historical quantile of 39.50% [1] - PTA (TA605) spot price is 6710.0, futures price is 6790.0, with a basis of - 80.0, a basis rate of - 1.18%, and a historical quantile of 24.20% [1] - Ethylene glycol (EG2605) spot price is 4745.0, futures price is 4849.0, with a basis of - 104.0, a basis rate of - 2.4%, and a historical quantile of 17.60% [1] - Polyester staple fiber (PF606) spot price is 8285.0, futures price is 8182.0, with a basis of 103.0, a basis rate of 1.26%, and a historical quantile of 69.30% [1] - Styrene (EB2604) spot price is 9980.0, futures price is 9968.0, with a basis of 12.0, a basis rate of 0.12%, and a historical quantile of 28.60% [1] - Methanol (MA605) spot price is 2925.0, futures price is 2912.0, with a basis of 13.0, a basis rate of 0.49%, and a historical quantile of 53.20% [1] - Urea (UR605) spot price is 1880.0, futures price is 1855.0, with a basis of 25.0, a basis rate of 1.35%, and a historical quantile of 25.00% [1] - LLDPE (L2605) spot price is 8360.0, futures price is 8431.0, with a basis of - 71.0, a basis rate of - 0.84%, and a historical quantile of 8.00% [1] - PP (PP2605) spot price is 8750.0, futures price is 8628.0, with a basis of 122.0, a basis rate of 1.41%, and a historical quantile of 62.70% [1] - PVC (V2605) spot price is 5680.0, futures price is 5735.0, with a basis of - 55.0, a basis rate of - 0.95%, and a historical quantile of 70.10% [1] - Caustic soda (SHEOS) spot price is 2140.6, futures price is 2442.0, with a basis of - 301.4, a basis rate of - 12.34%, and a historical quantile of 17.00% [1] - LPG (PG2604) spot price is 6258.0, futures price is 5766.0, with a basis of 492.0, a basis rate of 8.53%, and a historical quantile of 67.30% [1] - Asphalt (BU2606) spot price is 4090.0, futures price is 4400.0, with a basis of - 310.0, a basis rate of - 7.05%, and a historical quantile of 1.50% [1] - Butadiene rubber (BR2605) spot price is 15800.0, futures price is 15260.0, with a basis of 540.0, a basis rate of 3.54%, and a historical quantile of 85.60% [1] - Glass (FG605) spot price is 968.0, futures price is 1066.0, with a basis of - 98.0, a basis rate of - 10.12%, and a historical quantile of 40.00% [1] - Soda ash (SA605) spot price is 1201.0, futures price is 1211.0, with a basis of - 10.0, a basis rate of - 0.83%, and a historical quantile of 56.21% [1] - Pure benzene (BZ2604) spot price is 8400.0, futures price is 8154.0, with a basis of 246.0, a basis rate of 3.02%, and a historical quantile of 98.80% [1] - Propylene (PL2605) spot price is 8045.0, futures price is 8313.0, with a basis of - 268.0, a basis rate of - 3.22%, and a historical quantile of 8.80% [1] - Bottle chips (PR2605) spot price is 9012.0, futures price is 8550.0, with a basis of 462.0, a basis rate of 5.40%, and a historical quantile of 99.10% [1] - Natural rubber (RU2605) spot price is 16250.0, futures price is 16400.0, with a basis of - 150.0, a basis rate of - 0.92%, and a historical quantile of 82.18% [1] Financial Instruments - IF2603.CFE spot price is 4658.3324, futures price is 4651.4, with a basis of - 6.9324, a basis rate of - 0.15%, and a historical quantile of 46.00% [1] - IH2603.CFE spot price is 2961.4264, futures price is 2958.6, with a basis of - 2.8264, a basis rate of - 0.10%, and a historical quantile of 40.30% [1] - IC2603.CFE spot price is 8096.4276, futures price is 8086.0, with a basis of - 10.4276, a basis rate of - 0.13%, and a historical quantile of 67.70% [1] - IM2603.CFE spot price is 8096.5948, futures price is 8080.4, with a basis of - 16.1948, a basis rate of - 0.20%, and a historical quantile of 62.50% [1] - 2 - year bond (TS2606) spot price is 100.09, futures price is 102.50, with a basis of 0.03, a basis rate of 0.03%, and a historical quantile of 40.70% [1] - 5 - year bond (TF2606) spot price is 100.21, futures price is 105.99, with a basis of 0.05, a basis rate of 0.04%, and a historical quantile of 36.10% [1] - 10 - year bond (T2606) spot price is 99.89, futures price is 108.26, with a basis of 0.09, a basis rate of 0.08%, and a historical quantile of 28.30% [1] - 30 - year bond (TL2606) spot price is 122.05, futures price is 110.96, with a basis of 0.71, a basis rate of 0.64%, and a historical quantile of

Report Industry Investment Rating - Not provided in the report Core Viewpoint - The natural rubber is in the seasonal low-yield stage. The early opening of the domestic Yunnan production area increases the expected pressure of new rubber supply, suppressing rubber prices. However, the domestic production area is still in the early stage of tapping with low output, and the specific output situation needs continuous observation. The Thai production area is still in the low-yield season, which generally lasts until May. The total inventory of natural rubber in Qingdao, China, continues to accumulate, and the short-term supply-side elasticity weakens, with raw material rubber prices relatively firm. The start-up of all-steel tires on the demand side is stable, and the short-term trend of rubber prices faces pressure, expected to be weak [2] Summary by Relevant Catalogs Futures Market - **Prices**: RU主力 closed at 16400 yuan/ton the previous day, down 400 yuan or -2.38% from two days ago; NR主力 closed at 13105 yuan/ton, down 365 yuan or -2.71%; BR主力 closed at 15260 yuan/ton, down 270 yuan or -1.74% [2] - **Spreads**: RU - NR was 3295 yuan/ton the previous day, down 35 yuan from two days ago; RU - BR was 1140 yuan/ton, down 130 yuan; NR - BR was -2155 yuan/ton, down 95 yuan [2] - **Trading Volume**: RU主力 had a trading volume of 298877, NR主力 70320, and BR主力 272822 [2] - **Open Interest**: RU主力 had an open interest of 127172, down 5883; NR主力 had an open interest of 61137, down 427; BR主力 had an open interest of 66374, down 42 [2] Spot Market - **Domestic Spot**: The prices of whole milk rubber in Shandong, Shanghai, and Kunming were 16150 yuan/ton, 16250 yuan/ton, and 16350 yuan/ton respectively, with declines of -2.42%, -2.40%, and -1.80%. The prices of smoked sheets in Shandong and Shanghai were 19600 yuan/ton, down -1.51%. The prices of mixed rubber in Qingdao and Yunnan were 15565 yuan/ton and 16250 yuan/ton, with declines of -0.42% and -1.81% [2] - **Downstream in Thailand**: The prices of Thai smoked sheets, Thai cup rubber, and Thai latex were 75.2 baht/kg, 60.04 baht/kg, and 73.5 baht/kg respectively, with changes of 1.21%, -0.18%, and 0.68% [2]

Report Industry Investment Rating - The investment rating of the natural rubber industry is neutral [4][9] Core Viewpoints - The spot market of natural rubber is strong, the inventory in Qingdao is accumulating, and the tire operating rate is at a high level; the market is expected to remain bearish in the off - season despite bullish sentiment triggered by the Middle East situation [4] Summary by Directory Daily Hints - The overall situation of natural rubber: fundamental aspects are neutral, basis is neutral, inventory situation is neutral, the disk is neutral, and the main position is bullish; the overall view is bearish [4] Fundamental Data - **Spot Price**: The spot price of 2024 whole latex (non - deliverable) increased on March 17th; the US dollar quotation in Qingdao Free Trade Zone is available; the basis strengthened on March 17th [8][11][35] - **Inventory**: The exchange inventory has changed little recently; the inventory in Qingdao area is accumulating [14][17] - **Import**: The import quantity has declined [20] - **Downstream Consumption**: Automobile production and sales have declined, tire production has increased year - on - year, and the tire industry's exports have rebounded [23][29][32] Multi - empty Factors - **Likely Factors**: High downstream consumption, resistant spot prices, domestic anti - involution, and rising synthetic rubber prices [6] - **Negative Factors**: Bearish domestic economic indicators, trade frictions, and reduced consumption due to rising crude oil prices [6]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The natural rubber is in the seasonal low - production stage. The domestic production areas are still in the off - season, but new rubber tapping is expected to start gradually in late March. The Thai production area is in the low - production season, which generally lasts until May. The total natural rubber inventory in Qingdao, China, continues to accumulate. The short - term supply - side elasticity weakens, and the raw rubber price is relatively firm. The full - steel tire production starts smoothly. Although the crude oil has large fluctuations recently, the natural rubber trend is relatively independent, and the short - term external influence weakens. It is expected that the rubber price will fluctuate and strengthen [2] 3. Summary According to Relevant Catalogs Futures Market - **Prices and Changes**: The previous day's closing prices of RU, NR, and BR were 16,870, 13,495, and 15,665 respectively. The price changes were 105, 175, and - 20, with percentage changes of 0.63%, 1.31%, and - 0.13% respectively. The trading volumes were 278,101, 70,080, and 204,453, and the open interests were 134,869, 64,390, and 66,508 respectively, with open - interest changes of - 5436, - 3283, and - 1146 [2] - **Spreads**: The current spreads of RU - NR, RU - BR, and NR - BR are 3375, 1205, and - 2170 respectively, with changes of - 70, 125, and 195 [2] - **Basis**: The current RU basis, mixed - RU, and smoke - sheet - RU are - 170, - 1330, and 3030 respectively, with previous values of - 165, - 1005, and 3035 [2] Spot Market - **Domestic Spot**: The current prices of whole - milk rubber in Shandong, Shanghai, and Kunming are 16,600, 16,700, and 16,700 respectively, with percentage changes of 0.51%, 0.51%, and 0.51%. The current prices of smoke - sheet rubber in Shandong and Shanghai are 19,900, with a percentage change of 0.61%. The current prices of mixed rubber in Qingdao and Yunnan are 15,540 and 16,500 respectively, with percentage changes of - 1.40% and - 0.45% [2] - **Downstream Spot**: The current prices of Thai smoke - sheet, Thai cup - rubber, and Thai latex are 74.1, 60.65, and 72.3 respectively, with percentage changes of 2.11%, 1.22%, and 1.83% [2]

1. Report Industry Investment Rating - The investment rating is "Neutral" [9] 2. Core View of the Report - The report maintains a bearish outlook on natural rubber. Although there are some bullish factors such as high downstream consumption, resistant spot prices, domestic anti - involution, and rising synthetic rubber prices, the overall situation is affected by bearish factors including weak domestic economic indicators, trade frictions, and reduced consumption due to high crude oil prices. Also, natural rubber is entering a bearish season [4][6] 3. Summary by Directory 3.1 Daily Hints - The overall fundamental situation of natural rubber is neutral with spot prices being strong, inventory accumulating in Qingdao, and tire operating rates at a high level. The basis is bearish, while the market trend and main positions are bullish. The overall outlook is bearish considering the current season [4] 3.2 Fundamental Data 3.2.1 Spot Price - The spot price of 2024 full - latex (non - deliverable) decreased on March 16 [8] 3.2.2 Inventory - The exchange inventory has changed little recently, while the inventory in Qingdao area is accumulating [14][17] 3.2.3 Import - The import volume has declined [20] 3.2.4 Downstream Consumption - Automobile production and sales have declined, while tire production has increased year - on - year, and the tire industry's exports have rebounded [23][26][29][32] 3.3 Multi - empty Factors and Main Risk Points - Bullish factors: high downstream consumption, resistant spot prices, domestic anti - involution, and rising synthetic rubber prices [6] - Bearish factors: weak domestic economic indicators, trade frictions, and reduced consumption due to high crude oil prices [6] 3.4 Basis - The basis weakened on March 16 [35]

Report Industry Investment Rating - The report does not provide an industry investment rating [1][2][3] Core View - The fundamentals of natural rubber are neutral, with strong spot prices, inventory accumulation in Qingdao, and high tire operating rates. The basis is bullish, with a spot price of 16,900 and a basis of 135. The inventory situation is mixed, with the exchange inventory showing little change and the Qingdao inventory increasing. The market is expected to be bearish due to the entry into a bearish season, despite bullish sentiment triggered by the Middle East situation [4] Summary by Directory Daily Hints - No specific daily hints are provided in the report [1] Fundamental Data - **Spot Price**: The spot price of 2024 full latex (non - deliverable) decreased on March 13th. The US dollar - quoted price in Qingdao Free Trade Zone is also mentioned [8] - **Inventory**: The exchange inventory has changed little recently, while the Qingdao area inventory is accumulating. The import quantity has declined [14][17][20] - **Downstream Consumption**: Automobile production and sales have declined, but tire production has increased year - on - year, and the tire industry's exports have rebounded [23][26][29] - **Basis**: The basis weakened on March 13th [35] Multi - empty Factors and Main Risk Points - **Likely Factors**: High downstream consumption, resistant spot prices, domestic anti - involution, and rising synthetic rubber prices [6] - **Negative Factors**: Bearish domestic economic indicators, trade frictions, and reduced consumption due to rising crude oil prices [6]

Report Industry Investment Rating - The overall rating of the natural rubber industry is neutral [4] Core Viewpoint - The spot market is strong, Qingdao's inventory is accumulating, and the tire operating rate is at a high level. The 20 - day line is upward, and the price is running above the 20 - day line. The main positions are net long and increasing. However, the natural rubber is entering a bearish season, and a bearish mindset should be maintained [4] Summary by Directory 1. Daily Prompt - The report is a natural rubber morning report dated March 13, 2026, from the Investment Consulting Department of Dayue Futures [1] 2. Fundamental Data - **Spot Price**: The spot price of 2024 full - latex (non - deliverable) increased on March 12. The spot price in Qingdao Free Trade Zone is quoted in US dollars [8] - **Inventory**: The exchange inventory has changed little recently, while the inventory in Qingdao area is accumulating. The inventory of the Shanghai Futures Exchange increased week - on - week and decreased year - on - year; the inventory in Qingdao area increased both week - on - week and year - on - year [14][17] - **Import**: The import volume has rebounded [20] - **Downstream Consumption**: Automobile production and sales have declined, but tire production has increased year - on - year, and the tire industry's exports have rebounded [23][29][32] 3. Multi - Empty Factors and Main Risk Points - **Likely to Rise**: High downstream consumption, resistant spot prices, domestic anti - involution, and rising synthetic rubber prices [6] - **Likely to Fall**: Bearish domestic economic indicators, trade frictions, and reduced consumption due to rising crude oil prices [6] 4. Basis - The basis strengthened on March 12, with the spot price at 17350 and the basis at 275 [4][35]