Report Industry Investment Rating - Not provided in the document Core View - On Tuesday, the Shanghai rubber futures showed an upward trend. The strengthening of crude oil prices supported chemical products. Fundamentally, natural rubber is in a seasonal low - production stage. Domestic production areas have stopped tapping, and Thai production areas are also gradually ceasing. The low - production season usually lasts until May. The total inventory of natural rubber in Qingdao, China, continues to accumulate. The short - term supply elasticity has weakened, and the raw rubber price is relatively firm. After the holiday, the demand side is expected to see a recovery in production, with stable production expected for all - steel tires. The rubber price is expected to remain strong [2] Summary by Related Catalogs Futures Market - **Price Changes**: The previous day's closing prices of NR, RU, and BR were 17030, 13795, and 13160 respectively, with price increases of 715, 615, and 570, and percentage increases of 4.38%, 4.67%, and 4.53% respectively. The RU - NR, RU - BR, and NR - BR spreads increased by 100, 145, and 45 respectively [2] - **Volume and Position Changes**: The trading volumes of NR, RU, and BR were 245962, 66703, and 74457 respectively. The open interests were 162068, 47522, and 54410 respectively. The changes in open interests were 21833, - 263, and - 457 respectively [2] - **Basis Changes**: The RU basis, mixed - RU, and smoke - sheet - RU were - 230, - 1685, and 2070 respectively, compared to the previous values of - 165, - 985, and 2185 [2] Spot Market - **Domestic Spot**: The current prices of whole - milk rubber in Shandong, Shanghai, and Kunming were 16700, 16800, and 16700 respectively, with percentage increases of 4.05%, 4.02%, and 4.38% respectively. The prices of smoke - sheet rubber in Shandong and Shanghai were 19100, with a 3.24% increase. The prices of mixed rubber in Qingdao and Yunnan were 15345 and 16750 respectively, with percentage increases of 0.10% and 4.36% respectively [2] - **Downstream Spot**: The current prices of Thai smoke - sheet, Thai cup - lump, and Thai latex were 68.79, 57.87, and 67 (in Thai baht per kilogram) respectively, with percentage increases of 2.41%, 1.81%, and 1.52% respectively [2]