Report Industry Investment Rating - Not provided Core Viewpoints - The rubber market is in a weak oscillation. Short - term commodity market sentiment has cooled, and the cease - fire agreement between Thailand and Myanmar on the border conflict has been reached. Rubber may return to a weak performance. It is recommended to short on rallies for single - side trading [4] Summary According to Related Catalogs Futures Disk - In the domestic market, RU主力 decreased from 15065 to 15010, NR主力 dropped from 12810 to 12670, and BR主力 fell from 11955 to 11835. In the overseas market, Tocom RSS3 decreased from 326.8 to 322.9 (yen/kilogram), and Sicom TF remained unchanged at 173.7 (cents/kilogram) [3] Futures Spreads - For inter - period spreads, RU2601 - RU2509 increased from 780 to 785, RU2605 - RU2601 rose from 125 to 135, NR主力 - 次主力 decreased from 30 to - 20, and BR主力 - 次主力 dropped from 35 to 30. For cross - variety spreads, RU - NR increased from 2255 to 2340, RU - BR rose from 3110 to 3175, and NR - BR decreased from 855 to 835. For cross - market spreads, RU - Tocom RSS3 ($) increased from - 100 to - 82, and NR - Sicom TF ($) decreased from 49 to 28 [3] Raw Material Prices - In Thailand (in Thai baht per kilogram), the price of raw rubber sheets decreased from 63.11 to 62.01, glue increased from 55.30 to 55.50, and cup rubber decreased from 50.00 to 49.35. In Hainan and Yunnan (in yuan per ton), the prices of Hainan and Yunnan glue for concentrated latex and whole milk remained unchanged [3] Factory Costs and Profits - The delivery profit of whole - milk latex decreased in Hainan and Yunnan. The production profit of concentrated latex increased in Thailand. The profit of smoke - sheet rubber and 20 - grade rubber decreased in Thailand. The profit of synthetic rubber decreased for some varieties [3] Domestic Spot - The prices of light - colored rubber, dark - colored rubber, latex, synthetic rubber, and mixed rubber decreased for most varieties. The prices of some varieties such as domestic 9710 and Shanghai Hainan bulk latex remained unchanged [3] Futures - Spot Spreads - For RU spreads, RU - 泰混 increased from 365 to 410, RU - 老全乳 decreased from 15 to 10, and RU - 越南3L increased from 15 to 60. For NR spreads, NR - 泰标交割利润 decreased from - 343 to - 358, NR - 印标交割利润 decreased from 231 to 145, and NR - 马标交割利润 decreased from - 307 to - 322 [3] Spot Spreads - For variety spreads, 泰标 - 泰混 ($) remained unchanged at 10, 越南3L - 泰混 remained unchanged at 350, and 国产标二 - 泰混 increased from - 850 to - 750. The difference between old whole - milk latex and Vietnamese 3L increased from 0 to 50, and the difference between domestic 9710 and Thai - mixed rubber increased from - 350 to - 250 [3] Exchange Rates and Interest Rates - The US dollar index remained unchanged at 98.6694. The US dollar/Chinese yuan increased from 7.1467 to 7.1511. SHIBOR - overnight decreased from 1.467 to 1.366, and SHIBOR - seven - day decreased from 1.596 to 1.545 [3] Supply, Inventory, and Demand - In terms of supply, the prices of raw materials in Thailand changed. In terms of inventory, as of July 27, 2025, the total inventory of natural rubber in Qingdao's bonded and general trade increased by 0.6 million tons, with a growth rate of 0.91%. In terms of demand, the capacity utilization rate of all - steel tire sample enterprises increased by 0.87 percentage points month - on - month and 3.92 percentage points year - on - year, and that of semi - steel tire sample enterprises increased by 2.34 percentage points month - on - month and decreased by 11.96 percentage points year - on - year [4]