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.【European Parliament Vote: Over 61% in Favor of 12-Month EUDR Delay】At 11:00 AM local time on November 26 in France (6:00 PM Beijing Timeon the same day), the European Parliament voted to adopt a resolution delaying the implementation of the EUDR (EU DeforestationRegulation) by 12 months. According to the voting results, among 657 participating MEPs (Members of the European Parliament), 407 voted in favor,245 against, and 5abstained, with the approval rate standing at 61.95%. Key points of the resolution are as follows: 1. New Implementation Timeline: Large and medium-sizedoperators–Postponed to December 30, 2026; Micro and small operators–Postponed to June 30, 2027. 2. The European Commission shall complete an 2.【Rubber Authority of Thailand: Floods May Cause Rubber Shortage in Southern Thailand】According to Thai sources on November 25, theDirector-General of the Rubber Authority of Thailand (RAOT) stated that the intensity of the northeast monsoon sweeping the Gulfof Thailand, southernThailand, and the Andaman Sea has increased. Strong waves in the Gulf of Thailand and the Andaman Sea have brought heavy rainfall to many areas in Industry News 3.【Vietnam's Total Exports of Natural Rubber and Mixture Rubber Drop 3.5% YoY in Jan-Oct】Latest data shows that in the first ten months of 2025, Vietnam's cumulative exports of natural rubber (NR) reached 581,000 metric tons, a year-on-year (YoY) decrease of 10%compared with 646,000 metric tons in the same period last year. Among them, exports of technicalspecifiledrubber (TSR) stood at 283,000metric tons, down 21% YoY, including 95,000 metric tons of SVR10, 100,000 metric tons of SVR3L, and 57,000 metric tons of SVRCV60; exports increase of 5%. From January to October, Vietnam's cumulative exports of mixture rubber were 876,000 metric tons, a YoY riseof1.4% Market trends Futures Prices ➢Most domestic and overseas rubber futures closed higher this week, with NR slightly lower. Basis & Calendar Spread Other Spreads: Inter-Commodity/Inter-Market Spreads ➢The price spread of RU-NR, RU-BR and NR-SGX TSR20 has widened, while the price spreads of RU-JPX RSS3 Other Spreads: Spot(not deliverable)-Future ➢In the imported rubber market this week, traders mainly focusedon position rolling and cargo swapping, with some replenishing stocks for near-month deliveries. Thai mixture rubber for far-month contracts weakened again after arbitrageurs reduced longpositions in cash-and-carry trades, while Thai mixture rubber spot Other Spreads: Light and DarkColored ➢The price spread of SCRWF-Thai mixture rubber has widened, and the price spread of 3L-Thai mixture rubberhas narrowed. Price of Substitutes: BR & SBR ➢The butadiene feedstock market maintained a narrow-range volatile trend this week. Cost support for market prices was insufficient, whilethe production profit of butadiene rubber remained at a sound level.During the week, the butadiene rubber units of Zhejiang Petrochemical and Zhenhua New Materials restarted feeding but had not yet achievedoutput; coupled with the shutdown maintenance of MaomingPetrochemical's butadiene rubber unit, domestic butadiene rubber Capital TrendsOpen Interests/ Warehouse Receipts: RU Supply & Demand Data Supply: ThailandWeather ➢Southern Thailand has entered the rainy season, with rainfall increasing rapidly. Supply: China Weather ➢The rainy season has ended in the Hainan and Yunnan rubber-producing regions. The rolling 30-day average precipitation in the production areas of Yunnan Supply: Raw material prices ➢Domestic rubber-producing regions are gradually entering the production reduction and tapping suspension season. While southernThailand and Vietnam are experiencing continuous heavy rainfall with flood risks, driving up expectations of tight supply and Supply: Price Spreads between Raw Materials ➢The price spread between Thai latex and cup lump has widened.➢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 widened. Supply:Processing Profit ➢Processing profits have shown an overall recovery. Supply:Delivery Profit ➢The delivery profits of both Yunnan-produced SCRWF and Hainan-produced SCRWF increased. Supply: Thailand's Exports ➢Thailand's natural rubber exports in October recorded a significant month-on-month (MoM) growth, with theincrement mainly driven by STR (Standard Thailand Rubber) and mixture rubber. Supply: Thailand's Exports to China ➢Thailand's natural rubber exports to China in October registered substantial YoY and MoM growth, with TSR posting thelargest MoM increase, followed by mixture rubber and latex. Exports of RSS to China remained at a high-level YoY. Supply: Indonesia's Exports ➢Indonesia's total natural rubber exports in October fell