Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The global natural rubber producing areas are gradually starting to tap rubber. In Yunnan, the diversion of latex from glue is still prominent, and with weather interference, the raw material purchase price is firm. In Hainan, the weather has improved, tapping work has gradually resumed, and the output of local raw materials has increased. With the support of rigid delivery demand, local processing plants maintain a price - increasing state for raw material purchases. Last week, the total inventory at Qingdao Port increased slightly, with a decrease in bonded warehouses and an increase in general trade inventory. Downstream factories have low purchasing enthusiasm, and terminal procurement is basically on - demand, with a decline in shipment volume compared to the previous period. In terms of demand, the production scheduling of previously overhauled enterprises has gradually returned to normal levels. Last week, the capacity utilization rate of domestic tire enterprises increased month - on - month, and it is expected that the capacity utilization rate of tire enterprises will fluctuate slightly in the short term. The ru2509 contract is expected to fluctuate in the range of 13,300 - 14,250 in the short term, and the nr2508 contract is expected to fluctuate in the range of 11,600 - 12,200 in the short term [2] Group 3: Summary According to Relevant Catalogs Futures Market - The closing price of the main Shanghai rubber contract is 13,870 yuan/ton, down 40 yuan; the closing price of the main 20 - number rubber contract is 12,140 yuan/ton, down 20 yuan. The 9 - 1 spread of Shanghai rubber is - 845 yuan/ton, up 5 yuan; the 7 - 8 spread of 20 - number rubber is 65 yuan/ton, up 10 yuan. The spread between Shanghai rubber and 20 - number rubber is 1730 yuan/ton, down 20 yuan. The position of the main Shanghai rubber contract is 156,533 lots, down 3,076 lots; the position of the main 20 - number rubber contract is 25,746 lots, down 2,026 lots. The net position of the top 20 in Shanghai rubber is - 18,224 lots, down 3,642 lots; the net position of the top 20 in 20 - number rubber is - 2,013 lots, down 171 lots. The warehouse receipts of Shanghai rubber in the exchange are 193,180 tons, up 250 tons; the warehouse receipts of 20 - number rubber in the exchange are 33,465 tons, down 201 tons [2] Spot Market - The price of state - owned whole latex in the Shanghai market is 13,850 yuan/ton, down 50 yuan; the price of Vietnamese 3L in the Shanghai market is 14,950 yuan/ton, down 50 yuan. The price of Thai standard STR20 is 1,715 US dollars/ton, up 15 US dollars; the price of Malaysian standard SMR20 is 1,715 US dollars/ton, up 15 US dollars. The price of Thai RMB mixed rubber is 13,770 yuan/ton, up 20 yuan; the price of Malaysian RMB mixed rubber is 13,720 yuan/ton, up 20 yuan. The price of Qilu Petrochemical's styrene - butadiene 1502 is 12,000 yuan/ton, unchanged; the price of Qilu Petrochemical's butadiene BR9000 is 11,800 yuan/ton, unchanged. The basis of Shanghai rubber is - 20 yuan/ton, down 10 yuan; the basis of non - standard products of the main Shanghai rubber contract is - 140 yuan/ton, down 15 yuan. The price of 20 - number rubber in the Qingdao market is 12,240 yuan/ton, up 39 yuan; the basis of the main 20 - number rubber contract is 100 yuan/ton, up 59 yuan [2] Upstream Situation - The market reference price of smoked sheets of Thai raw rubber is 67.2 Thai baht/kg, down 0.57 Thai baht; the market reference price of rubber sheets of Thai raw rubber is 64.39 Thai baht/kg, up 0.73 Thai baht. The market reference price of glue of Thai raw rubber is 56.75 Thai baht/kg, unchanged; the market reference price of cup rubber of Thai raw rubber is 47.45 Thai baht/kg, up 0.4 Thai baht. The theoretical production profit of RSS3 is 132.8 US dollars/ton, up 43.6 US dollars; the theoretical production profit of STR20 is 61.8 US dollars/ton, up 60.8 US dollars. The monthly import volume of technically classified natural rubber is 18.68 million tons, down 2.93 million tons; the monthly import volume of mixed rubber is 24.87 million tons, down 3.29 million tons [2] Downstream Situation - The operating rate of all - steel tires is 61.24%, down 2.23 percentage points; the operating rate of semi - steel tires is 77.98%, up 4.12 percentage points. The inventory days of all - steel tires in Shandong at the end of the period is 41.74 days, down 0.13 days; the inventory days of semi - steel tires in Shandong at the end of the period is 46.28 days, up 0.44 days. The monthly output of all - steel tires is 11.82 million pieces, down 1.26 million pieces; the monthly output of semi - steel tires is 54.15 million pieces, down 1.24 million pieces [2] Option Market - The 20 - day historical volatility of the underlying is 26.51%, down 0.27 percentage points; the 40 - day historical volatility of the underlying is 22.66%, down 0.02 percentage points. The implied volatility of at - the - money call options is 22.13%, up 0.08 percentage points; the implied volatility of at - the - money put options is 22.11%, up 0.08 percentage points [2] Industry News - From June 15th to June 21st, 2025, the rainfall in the main natural rubber producing areas in Southeast Asia decreased compared with the previous period. North of the equator, the red areas are mainly concentrated in southern Myanmar, southern Cambodia, etc., and the precipitation in most other areas is low, which weakens the impact on tapping work. South of the equator, the red areas are mainly distributed in sporadic areas in southeastern Indonesia, and the rainfall in most other areas is medium - low, which increases the impact on tapping work. As of June 15th, 2025, the total inventory of natural rubber in bonded and general trade in Qingdao is 606,900 tons, a month - on - month increase of 1,400 tons, an increase of 0.23%. The bonded area inventory is 83,900 tons, a decrease of 1.87%; the general trade inventory is 522,900 tons, an increase of 0.58%. The warehousing rate of the sample bonded warehouses for natural rubber in Qingdao increased by 1.14 percentage points, and the ex - warehouse rate increased by 1.44 percentage points; the warehousing rate of general trade warehouses increased by 0.82 percentage points, and the ex - warehouse rate decreased by 0.29 percentage points. As of June 12th, the capacity utilization rate of Chinese semi - steel tire sample enterprises is 69.98%, a month - on - month increase of 5.93 percentage points and a year - on - year decrease of 10.00 percentage points; the capacity utilization rate of Chinese all - steel tire sample enterprises is 58.70%, a month - on - month increase of 3.05 percentage points and a year - on - year increase of 4.95 percentage points. The production scheduling of previously overhauled enterprises has gradually returned to normal levels, and the operating rate of Longzhong tire sample enterprises on Thursday is to be noted [2]