The Tokyo Rubber RSS2007 contract opened at 188.3 yen on Friday, up 1.7 yen from the previous trading day. The RSS2008 contract opened at 152.8 yen, unchanged from the previous trading day. The dollar-yen exchange rate was near 112.03 in the morning.
In the Tokyo rubber market, due to the recent increase in the number of people infected with the new coronavirus in Japan, the yen has gradually lost its special status as a safe-haven currency. Due to the weakening of the yen, the price of the far-month contract fell after approaching the 189 yen level yesterday Close.
Passengers on the Diamond Princess cruise ship docked in Yokohama Port from this week began to disembark. Considering the high latency of the new virus, the market is worried that a new round of outbreaks may occur in Japan in the short term, coupled with previously released economic data Significantly lower than market expectations, there are signs that institutional investors have sold a lot of yen assets, resulting in the dollar-yen exchange rate stood at 112 yen in late trading.
In the Chinese market, the Ministry of Commerce plans to announce a new round of measures to stimulate automobile consumption in the near future, which may form a support for rubber prices. However, due to the low resumption rate of tire factories and domestic stocks are expected to be available until March.
On the spot, the February FOB price of tobacco on February 3 was around 51.99 baht, which was 0.52 baht lower than the previous trading day. The 20-month FOB price of No. 20 standard rubber is around 45.72 baht, which is 1.53 baht lower than the previous trading day. The USS spot price was around THB 40.49, an increase of THB 0.13 over the previous trading day.
Recently, the rubber market itself has less material, mainly due to the epidemic, which is about the price trend. Pay attention to the structure of the spread between the far month contracts after the new contract is listed next week. In terms of trading operations, interval trading is maintained to control the cost of opening positions.
The trend of rubber futures fell weakly, combined with spot supply and demand, and the adjustment in the later period was mainly based on strong adjustments. Operating multiple orders between 11500-12300, gradually moving to protect profits.
Translated by Google Translator from http://www.cria.org.cn/newsdetail/53183.html