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Tuesday, December 5, 2023

Rubber prices fall further in the context of financial market risk avoidance

The Tokyo morning exchange RSS1909 contract opened at 184.6 yen, up 0.7 yen from the previous trading day. The contract opened at 162.8 yen, down 0.1 yen from the previous trading day. The USD/JPY exchange rate was around 110.006 in the morning.

In the Tokyo rubber market on March 25, the European and American economic indicators fell on the weekend, and the financial market’s safe-haven market deepened. The RSS market far-month contract fell sharply to 182 yen, the lowest since mid-February. Under the influence of the risk-averse yen in the early session yesterday, the Tokyo rubber market opened lower and then the commodity market was also bleak due to the Nikkei and the major Asian securities markets such as Shanghai and Hong Kong. Shanghai rubber September main contract fell below the 12,000 yuan integer, all the way down, Singapore’s SGX market TSR near-month contract since the beginning of March Southeast Asian countries into the production cut-off period, the price after the continuous rise after the first correction. The market outlook is concerned with the recent process of Sino-US trade negotiations.

In terms of spot, the March FOB price of No. 3 tobacco on March 25 was around 56.37 baht, up 0.38 baht from the previous trading day. The No. 20 standard rubber FOB price was around 49.38 baht, up 1.25 baht from the previous trading day. The USS spot price was around 48 baht, unchanged from the previous trading day.

In terms of technology, with the sharp fall in the price of RSS, the conversion line goes down the baseline, indicating that the medium-term entry into the downtrend may be greater. However, from the position of the late line and the cloud, there may be some support around 182 yen. Combined with the newly listed September contract today, the structure of Yuanyue Shengshui has helped the technical indicators to stabilize. At the same time, it can be seen from the position analysis that the market will have more willingness to close the market at the end of the month, and combined with technical analysis, short-term short-term orders. The pressure for replenishment is also greater. The short-term short position in the trading strategy can continue to be held. In the short term, you can wait for a new short position after the rebound. The target price is around 190 yen.

The spread between the 1908 month contract and the Shanghai 1909 month contract (Tokyo-Shanghai) at the close of Tokyo on March 25 was -98 USD/ton.

Translated by Google Translator from http://www.cria.org.cn/newsdetail/48193.html

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