The Tokyo morning RSS2004 contract opened at 177.4 yen, up 0.1 yen from the previous trading day. The TSR2005 contract opened at 148.9 yen, unchanged from the previous trading day. The USD/JPY exchange rate was around 109.238 in the morning.
Last weekend’s Tokyo rubber market closed slightly lower due to the short-term profit from long-term funds. Affected by the decline in Shanghai rubber lightening, the Tokyo Far East Contract once fell back to the 176 yen line, and the overall position continued to decline. The market profit-taking was relatively strong. The sales of general passenger vehicles in October announced by the China Federation of Trade Unions decreased by 6% compared with the same period of last year. Coupled with the uncertainty of Sino-US trade negotiations, the strategy of profit-taking was adopted in the early stage of macroeconomic materials. At the same time, the opening of spot and futures prices also led to the arbitrage disk shorting in futures, which suppressed futures prices.
In terms of spot, the November FOB price of No. 3 tobacco on November 8 was around 45.55 baht, up 0.43 baht from the previous trading day. The No. 20 standard November FOB price was around 41.78 baht, up 1.26 baht from the previous trading day. The USS spot price was around 38.07 baht, up 0.07 baht from the previous trading day.
From a technical point of view, the RSS far-month contract price seems to be insufficient after 180 yen or more. From the perspective of changes in positions, the overall position continues to lighten up, and the continuous increase is less. The Tokyo market was mainly driven by the price of rubber in Shanghai, and it did not have much strong material. Due to the mid-term trend of trading strategy, the market outlook is mainly based on short-selling, focusing on changes in spot prices and the support of the far-month contract at 170 yen.
At the close of Tokyo on November 8, the spread between the 2004 contract and the Shanghai 2001 contract (Tokyo-Shanghai) was $170/ton.
Translated by Google Translator from http://www.cria.org.cn/newsdetail/51626.html