Heavy-Refining Chain Rallies, Rubber Softens: Thirteen Categories Split Into Two Curves
Fuel oil and bitumen rose together while natural rubber led a slide and butadiene rubber flattened; the book now runs two quoting formulas.
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Fuel oil and bitumen rose together while natural rubber led a slide and butadiene rubber flattened; the book now runs two quoting formulas.
Fuel oil +2.08% and bitumen +3.29% led; natural rubber rose just 0.82% against butadiene rubber's 3.32%, signalling weak tire-maker uptake of costly NR.
Fuel oil at CNY 5,349 (+6.38%) and bitumen at CNY 4,766 (+3.61%) led gains, while natural rubber CNY 19,700 (+0.43%) and butadiene rubber CNY 16,170 (+1.51%) barely moved. The 13 categories split into a heavy-oil curve and a rubber curve that should not share hedges.
Fuel oil's front month rose 3.71% to ¥4,947/t while bitumen eased; natural and butadiene rubber both slipped. Two chains inside one complex moved opposite.
Fuel oil rose while bitumen fell, and both rubber grades gained; SNSUC keeps thirteen categories in two books — energy-heavy-oil and rubber-polymer — to stop a blended average from hiding the signal.