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Shanghai rubber short-term rebound lacks fundamental support

  • Last Update: 2022-12-13
  • Source: Internet
  • Author: User
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After the Shanghai rubber futures 1901 contract experienced a sharp rise last Thursday, the bulls' strength did not see further strengthening, but the bears began to exert force, and the increase was greater than the bulls, so that in recent trading days, the Shanghai rubber 1901 contract was narrowly sorted out
in the range of 12400-12600 yuan / ton.

Shanghai rubber

In the past week, the total position of the Shanghai rubber 1901 contract has shown a slight enlargement, and the top 20 seats have both increased their positions
.
According to the data of the exchange, the position of the top 20 long positions increased from 77206 lots on September 19 to 81940 lots on September 26, a cumulative increase of 4734 lots; The position of the top 20 bears increased from 107820 lots on September 19 to 114882 lots on September 26, accumulating an increase of 7062 lots
.
Against the background that new bearishness has not appeared and bullish has appeared, the enthusiasm of long in the rubber market has increased, and the bears have begun to leave the market
.
It can be seen that in the past week, the net short position of the Shanghai rubber 1901 contract increased, from 30614 on September 19 to 32942 on September 26, a net increase of 2328 lots, an increase of 7.
60%.

On the single-day position, on September 26, the top 20 seats of the Shanghai Rubber 1901 contract showed a phenomenon of long reduction and short increase
.
Among them, the long position has reduced by 583 lots, and the short position has increased by 68 lots
.

Specifically, among the top 20 bulls, 10 have reduced their holdings and 10 have increased their holdings
.
Among them, Orient Futures ranked first in terms of seat reduction, with a decrease of 556 lots
.
Huatai Futures Seat, China International Futures Seat, South China Futures Seat, Zhejiang Futures Seat and Huishang Futures Seat also reduced their holdings significantly, reducing by 179 lots, 243 lots, 131 lots, 133 lots and 255 lots respectively
.
In terms of overweight, Yongan Futures Seat, GF Futures Seat, Hongyuan Futures Seat and Everbright Futures Seat increased their holdings more significantly, increasing by 236 lots, 168 lots, 235 lots and 272 lots respectively
.
The remaining seats were limited in their holdings
.

Of the top 20 bears, 9 were overweight and 11 were reduced
.
Among them, CITIC Futures and Haitong Futures were the top in terms of increase, increasing by 349 and 391 respectively
.
BOC International Futures Seats, Guotai Junan Futures Seats and GF Futures Seats also increased their holdings significantly, increasing by 101 lots, 143 lots and 134 lots respectively
.
In terms of holdings reduction, Yongan Futures, Greenhua Futures, COFCO Futures and Orient Futures reduced their holdings by 108, 354, 205 and 272 respectively
.
The remaining seats were reduced more modestly
.

Due to the lack of fundamental support for the short-term rebound of the Shanghai rubber 1901 contract, the confidence of the bulls is insufficient, and after the recovery to 12500 yuan / ton, the bears' counterattack has strengthened, which has become an important reason for the narrow finishing of
the price.
With the National Day holiday approaching, the cautious sentiment of both bulls and bears has heated up, and it is expected that Shanghai rubber prices will continue to fluctuate
in a narrow range in the short term.

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