Rubber futures prices oversold and the market as a whole rebounded slightly

The Tokyo rubber market at the end of last week, after a week of consecutive declines, rebounded
slightly on the backdrop of a weekend position adjustment and a futures price oversold from the spot price.
Although the recent decline in spot prices, especially raw material prices, is still small compared with the futures market, attracting some arbitrage traders to open new long markets
.
At the same time, after a week of declines, there are signs of material exhaustion on the bears' side, and the spread between October and November and December contracts may narrow
further with the cover of short positions in far month contracts.
On the other hand, front-month contract prices remained firm
amid the lack of negotiable deliverable inventories in Tokyo in the short term.

In terms of spot, the July FOB price of No.
3 cigarette tablets on July 5 was around 58 baht, down 1.
6 baht
from the previous session.
The July FOB price of No.
20 label rubber was around 46.
5 baht, down 0.
76 baht
from the previous session.
The USS spot price was around 51 baht, unchanged
from the previous session.

On the technical side, the RSS far month contract rebounded
slightly after receiving support at the 180 yen line.
In the medium term, after a double top around 210 yen, the short-term downside target has been achieved, and in the absence of further bearish news, the far month price may rebound to around
190 yen.
Once the price breaks below the support of the 180 yen line, it may usher in a larger downtrend, with the lower target around 170 yen
.