Natural Rubber Daily Report: Bulls and Bears Pull Against Each Other, Direction on Hold(Nov 10)

November 11, 2026

TDD-Global

8025

Guide

Highlights at a glance

The daily report on November 10 reveals the STR20 price in Qingdao's natural rubber market at US$2,430 per tonne, showing a slight increase. Futures data reflects ongoing fluctuations, while overseas supply expands and domestic production faces weather-related disruptions. Demand is weak with enterprises operating below capacity, but bullish trader sentiment and limited supply tightening offer phased support to prices. The bull-bear tug-of-war persists, with the market expected to remain range-bound in the short term. TDD-Global connects buyers with verified chemical suppliers for seamless procurement solutions.

Natural Rubber Daily Report: Bulls and Bears Pull Against Each Other, Direction on Hold

On November 10, the STR20 price index in the Qingdao natural rubber market stood at US$2,430 per tonne, up US$5 per tonne from the previous trading day.

Futures Market

SHFE RU Futures

Date	Main: Open	Main: Low	Main: High	Main: Close	RU01 Close	RU05 Close	RU09 Close
Nov 10	18,650	18,615	18,915	18,615	18,615	18,860	18,875
Nov 9	18,660	18,545	18,790	18,665	18,665	18,730	18,740
Change	-10	+70	+125	-50	-50	+130	+135

INE NR Futures (Closing Prices)

Date	NR Main	NR01	NR05	NR09
Nov 10	15,895	15,895	15,935	16,065
Nov 9	15,770	15,770	15,835	15,845
Change	+125	+125	+100	+220

Spot Market

Supply

Overseas: Weather conditions in the Thai producing areas have improved; rising supply is putting pressure on the market. Secondary dealers are actively selling off stock, processing plants buy at depressed prices, and raw-material prices continue to edge down.

Vietnamese producing areas are in their seasonal peak production phase; tapping proceeds normally, and latex output improved month on month.

Domestic: Rain dominates in the Yunnan producing areas, limiting the increase in raw-material supply. Rain disruption persists in Hainan, where tapping is not going smoothly and the release of raw-material production on the island has slowed temporarily. Supported by orders and profits, local processing plants keep raising their purchase prices for raw materials.

Demand

According to reports, industry profitability is weak. Some enterprises are operating at only around 50%–70% of capacity, with low operating loads. A few mid-to-large enterprises are performing adequately, producing mainly to order, but their product specifications are incomplete and some models are in tight supply.

Outlook

Overseas supply continues to expand, new rubber output is being released gradually, and the center of gravity of raw-material procurement prices keeps shifting downward, weakening cost-side support. However, as the domestic tapping season nears its end, expectations of a marginal supply tightening are somewhat limiting the downside, and market sentiment remains strongly cautious. Spot inventories at Qingdao ports continue to be drawn down, and the turning point to inventory accumulation has been pushed back; traders' bullish sentiment remains, providing phased support to rubber prices. Overall, the natural rubber market remains in a bull-bear tug-of-war in the short term and may consolidate in a range-bound pattern.

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