The natural rubber futures contract of Shanghai Futures Exchange is aimed at domestic full latex and imported No.3 smoke film. Shanghai International Energy Exchange Center, a subsidiary of Shanghai Futures Exchange, will soon list the No.20 glue futures contract as No.20 glue. No.20 rubber and all latex are natural rubber, but there are some differences in the state of primary raw materials, processing technology, trade mode, end use and value-added tax rate. In terms of raw materials, all latex is processed from fresh latex, with low impurity content and short processing chain. 20 # glue mainly uses cup glue and original film and smoke film after simple treatment by growers, and the raw materials are diverse. Due to the different raw materials, the main difference between all latex and 20 # glue in processing technology lies in the pretreatment of raw materials. In the end use, full latex is mainly used for rubber products with light-colored rubber as the main demand, and also for tires. At present, No.20 glue is mainly used in the tire industry. As for the VAT rate, according to the Announcement on Deepening VAT Reform jointly issued by the Ministry of Finance, State Taxation Administration of The People's Republic of China and the General Administration of Customs in March 20 19, the VAT rate of imported natural rubber was reduced from 16% to 13% from April 20 19. The two different contracts of natural rubber series and their different ways of participation can better reflect the fundamental situation of the two varieties in the future, make the futures function more accurate and the Shanghai price more authoritative.