Yesterday night, Tianjiao maintained a high level of volatility. The RU05 contract closed at 12860 and the NR03 contract closed at 10910. Moving positions continued. The 1-5 spread was slightly pressured after it widened to -300, and there was still room for wide spreads across varieties. Yesterday’s spot market in Shanghai: Yunnan’s 17-year state-owned full latex contains 9% tax report of 11700-11850 yuan / ton, standard 2 contains 9% tax offer of 11,300 yuan / ton, and Thailand 3 # tobacco chip contains 13 tax report of 14350 yuan / ton. Vietnam 3L with 13 tax price 11850 yuan / ton. Thailand’s STR20 Qingdao CIF offers USD 1470-1480 / ton (+10). Macro: Bloomberg reports that the trade situation has improved again, global stock markets have risen sharply, crude oil inventories have fallen sharply, OPEC’s output reduction expectations have deepened, crude oil has rebounded sharply, and the macro market has improved. In Thailand, the price of raw materials continued to remain stable. The price of glue was still at 39.3 baht. The value of cup glue slightly retreated to 33.8 baht. The price gap of cup glue continued to widen. The Thai cabinet passed the previous multi-year strategic plan for rubber. policy. Yunnan’s production area has entered a cut-off, spot spot overseas prices are strong, and buying is strong. The registration of the first batch of warehouse receipts of 20 glue is successful, and there will be continuous follow-up in the follow-up, and the willingness to arbitrage may increase. The capital continued to be strong, and the supply-side output in the peak season needs to be actually verified. It is more difficult for unilateral surges to occur without qualitative changes in demand. In terms of operation, short-term wait-and-see, strong shocks, RU competed for the important interval of 12800-13000, light warehouse operation, beware of the violent fluctuations caused by frequent inflow and out of capital, long-term bulls still need to be patient. Continue to pay attention to the opportunities for counter-arrival after the narrowing of the NR contract and RU spreads. On the options side, wait and see, the volatility of put options is too low.