GTJA期货·能源化工行业周报：天然橡胶

GTJA Futures Research InstituteGAOLinlin（Analyst）Advisory Code : Z0002332 Industry News Industry News 1.[Malaysia Commits to Boosting Rubber Production to Reduce Import Dependence]According to Malaysian media reports on November13, the Malaysian government believes that increasing natural rubber production to at least 400,000 tons of cup lumps and 20,000tons of latexwill directly reduce import dependence, with an expected savings of 4 billion ringgit. In a reply published on the parliamentarywebsite, Malaysia's Ministry of Plantation Industries and Commodities (MPC) stated that boosting natural rubber output to meet domestic industrialdemand will revitalize the competitiveness of the rubber industry. The ministry also noted that through the Malaysian RubberBoard (MRB), a Industry News 3. [Ivory Coast's Rubber Exports Rise 13.8% YoY in First 10 Months]Latest data shows that Ivory Coast's total rubber exportsreached 1.38 million tons in the first 10 months of 2025, an increase of 13.8% compared with 1.21 million tons in the same period of 4. [China's Auto Production and Sales Hit New High for the Same Period in October]On November 11, the latest data released bythe China Association of Automobile Manufacturers (CAAM) showed that in October 2025, China's auto production and sales reached Market trends Futures Prices ➢Both domestic and overseas rubber markets rose this week, with overseas markets posting a larger increase. Basis & Calendar Spread Other Spreads: Inter-Commodity/Inter-Market Spreads ➢The price spread of RU-JPX RSS3 has widened, while the price spreads of RU-NR, RU-BR and NR-SGX TSR20 Other Spreads: Spot(not deliverable)-Future ➢This week, quotes in the imported rubber market rose, tradersrotated positions, near-month shipments were active, theinter-month spread narrowed, and factories adopted a wait- Other Spreads: Light and DarkColored ➢The price spread of SCRWF-Thai mixture rubber turned positive, and the price spread of 3L-Thai mixture rubberincreased. Price of Substitutes: BR & SBR ➢This week, feedstock butadiene stopped falling and rebounded.Gradually strengthening cost-side support lifted the trading center of thebutadiene rubber (BR) market upward. On the supply side, the BR plantof Yangzi Petrochemical restarted, and the operating rate of SichuanPetrochemical’s plant gradually increased after restart, leading to arecovery in domestic BR output and capacity utilization rate. In the spot Capital TrendsOpen Interests/ Warehouse Receipts: RU Supply & Demand Data Supply: ThailandWeather ➢The rainfall in southern Thailand is lower than that in the same period of previous years. The rolling 30-day average daily maximum temperature in the southern production Supply: China Weather ➢The rainy season in Hainan production area is coming to an end, while rainfall in Yunnan production area isdecreasing seasonally. Supply: Raw material prices ➢Raw material prices have generally risen. Supply: Price Spreads between Raw Materials ➢The price spread between Thai latex and cup lump has narrowed.➢The price spread between Hainan concentrated latex factories and SCFWF factories for latex is stable.➢The price spread between Yunnan concentrated latex factories and SCFWF factories for latex has narrowed Supply:Processing Profit ➢As raw material prices rise, processing margins fall Supply:Delivery Profit ➢The delivery profits of both Yunnan-produced SCRWF and Hainan-produced SCRWF increased. Supply: Thailand's Exports ➢In September, Thailand's natural rubber exports saw a slight month-on-month and year-on-year increase; amongthem, TSR exports dropped significantly year-on-year, while RSS exports rose substantially both month-on-month Supply: Thailand's Exports to China ➢In September, the quantity of Thailand's natural rubber exported to China decreased month-on-month; the quantity ofsmoked sheet rubber exported to China continued to increase substantially both month-on-month and year-on-year, while Supply: Indonesia's Exports ➢Indonesia's total natural rubber exports in October fell significantly both year-on-year and month-on-month, mainlydue to a sharp drop in standard rubber exports, while mixed rubber exports continued to increase month-on-month. Supply: Vietnam's Exports ➢Vietnam's natural rubber export volume in September decreased both year-on-year and month-on-month. Exports to Supply: Cote d'Ivoire's Exports ➢In October, Côte d’Ivoire’s natural rubber exports decreased month-on-month, while the volume exported to Chinacontinued to grow both year-on-year and month-on-month. Supply: China's Imports ➢In September, China's imports of natural rubber (including mixed rubber and compounded rubber) reached 595,900 tons, up 14.41% ➢In September, China's imports of Indonesian standard rubber and mixed rubber increased significantly both month-on-month andyear-on-year. Demand: Tire Capacity Utilization Rate & Inventory ➢During the period, the capacity utilization rate