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The Tokyo morning RSS2008 contract opened at 164.
7 yen, down 3.
6 yen
from the previous session.
The RSS2009 contract opened at 150.
9 yen, unchanged
from the previous session.
USDJPY was trading around
103.
88 in the morning.
The Tokyo rubber market at the end of last week continued to decline driven by the external market, and after the price of the far month contract fell below 170 yen, it came to around 168 yen in late trading, and the overall trend was weak
.
In the near future, due to the lack of unique materials in the rubber market, the Tokyo market has basically oscillated downward following the trend of the stock market and the exchange rate of the US dollar against the yen
.
After
the Fed slashed its benchmark interest rate urgently last week.
The decline of the US dollar against major currencies, coupled with the strengthening of the safe-haven atmosphere in the financial market as a whole, has also become the main bearish material
for suppressing prices in Tokyo's commodity market.
The novel coronavirus epidemic continues to rage around the world, and against the backdrop of measures such as restrictions on travel by various countries, economic activities such as personal consumption have been severely affected, and the pessimistic economic outlook has made it difficult for financial markets to improve in the short term, and it is difficult for mass commodity demand to recover
in a short period of time.
In terms of spot, the March FOB price of No.
3 cigarette tablets on March 6 was around 51.
6 baht, down 0.
26 baht
from the previous session.
The March FOB price of No.
20 label rubber was around 42.
83 baht, down 0.
07 baht
from the previous session.
The USS spot price was around 42.
71 baht, down 0.
08 baht
from the previous session.
On the technical side, the RSS far month contract continued its downward trend
after falling below the 170 yen line again.
From the perspective of position changes, the overall length of the ruler is close to falling below the 12,000 mark
.
After the short-term long position is sorted out, whether speculative funds will turn short will be a major attraction
in the future rubber price trend.
From the perspective of bands, in the short term, entering the third band of the decline since the end of February, after breaking through the previous low of 160 yen, there may be a dip buying around 155 yen at the end of October last year
.
The spread between the 2008 contract and the Shanghai 2005 contract (Tokyo-Shanghai) was $15.
1/mt
at the close of trading in Tokyo on March 6.
