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At the end of last week, the Tokyo rubber market fell slightly on the far month price due to the short-term profit-taking effect, due to the overall trading volume is small, and the sentiment of holding coins in the Tokyo market is heavier
.
Following the announcement of the resumption of trade talks in October, yesterday's central bank decided to cut the reserve requirement ratio by 0.
5 percentage points
.
Since there have been rumors that the central bank may return to release liquidity by lowering the RRR, commodity prices as a whole did not react much after the news, on the contrary, the rubber market in the short-term profit exhaustion, the weekend position consolidation signs are obvious, each contract in the reduction of positions at the same time have a slight decline
.
In terms of front-month contracts, due to the September contract facing a moon swap, and the previous short-term discount between September and October was mainly caused by short order covering, it is expected that there will be a scramble for long and short contracts after this week, and the expiration of some inventories will also bring uncertainty to the price fluctuations in Tokyo in the near month
.
In terms of spot, the September FOB price of No.
3 cigarette tablets on September 6 was around 47.
64 baht, down 0.
39 baht
from the previous session.
The September FOB price of No.
20 label rubber was around 41.
95 baht, down 0.
17 baht
from the previous session.
The USS spot price was around 40 baht, unchanged
from the previous session.
Technically, the RSS far month contract price is within the price range of the short-term conversion line and the medium-term benchmark, and lacks a clear sense of
direction in the short term.
At the same time, the tarded line is close to the price entity, and the market may have a more obvious breakout recently
.
From the perspective of fundamentals and macroeconomic environment, the rally brought by the short-term positive may be coming to an end, and once the far month price breaks through the 160 yen first-line support, it may try the 155 yen support
of the previous low again.
The spread between the 2002 contract and the Shanghai 2001 contract (Tokyo-Shanghai) was -$139/mt
at the close of trading in Tokyo on September 6.
