Tokyo high-level position finishing rubber macro material weighs on bulls’ confidence


The Tokyo morning RSS2005 contract opened at 189.6 yen, up 0.9 yen from the previous trading day. The TSR2006 contract opened at 149.1 yen, which was unchanged from the previous trading day. The dollar-yen exchange rate was near 108.832 in the morning.

Yesterday’s Tokyo market was sideways. Although Shanghai’s main contract continued to be launched to the front line of 13,000 under the promotion of long capital, from December contract to March contract under the pressure of spot stocks on the Tokyo Commodity Exchange. The pressure above the price is heavy, including the influence of uncertain factors in the market such as the China-US trade negotiations. It is difficult to have a strong risk asset preference in the market. The far-month contract is under pressure from the front line of 189 yen, and the intraday trading time has always maintained a state of consolidation. Since February, the main producing areas in China’s Yunnan and Hainan have entered a production reduction period, which is another factor outside the macroeconomic environment that supports the market in Shanghai to be long, but at the same time the long-term Sino-US trade negotiations may give to the end of the year Bring more bearish materials worth noting.

In the spot market, the December FOB price of tobacco on December 3 was around 47.36 baht, which was 0.23 baht lower than the previous trading day. The December FOB price of No. 20 standard rubber is around 43.12 baht, which is 0.27 baht lower than the previous trading day. The USS spot price was around 39.43, an increase of 0.07 from the previous trading day.

From a point of view, the price of the RSS far-month contract forms a triangle consolidation centered on the conversion line of 189 yen. From the perspective of position changes, when the price falls, there will be signs of increasing positions, indicating that the short-selling power on the Tokyo far-month contract is still strong. . The transaction is slightly recommended to wait and see, should not be too high, and wait for the second wave of upward after the price correction.

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At the close of Tokyo on December 4, the spread between the 2005 and Shanghai 2005 contracts (Tokyo-Shanghai) was -76 USD / ton.

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