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中信建投期货:合成橡胶供应随原油供应减少迎来收缩预期
在中东地缘冲突持续发酵的背景下,盘面定价脱实向虚,由地缘冲突带来的强预期主导,在地缘冲突出现实际的缓和前(仅口头协议对预期的降温作用或有限),强预期定价或持续。由于地缘冲突导致原油供应迎来强烈的短缺预期,尤其是相对依赖中东石油供应的中国市场,BR橡胶的供应同步迎来收缩预期。而季节性上,BR橡胶在每年3月仍偏弱,因此在石油化工的产品中,涨幅相对靠后。向后看,中东冲突在短期内全面调停至冲突爆发前就是原油的供应全面修复)的可能性偏低,冲突的不确定性仍非常高,矛盾或仍有加剧可能,故预计短期内BR或仍一定上行空间。(中信建投期货)