The rubber range oscillation still lacks a clear sense of direction

In the Tokyo rubber market at the end of last week, in the context of the lack of further upward momentum in the high consolidation of the Shanghai rubber market, the far month contract fell back to the 150 yen line twice under the effect of short-term long profit-taking, but failed to form a downward breakout
.
Short-selling funds have also been relatively cautious after last week's rally for a week, with few new short trades
in the market until there are stronger bearish materials.

After the epidemic in China was brought under control, the lifting of the lockdown of Wuhan, as the birthplace, last week became one of the few positive news in the market in recent times, but the situation of epidemic prevention and control in China is still tense
because imported infection cases still appear in major coastal cities.
Another international crude oil rally that supported the rebound of the rubber market came to an end after the OPEC+ video conference last weekend
.
As the production cuts fell short of market expectations, WTI crude oil prices fell again to around
$23.

In terms of spot, the April FOB price of No.
3 cigarette tablets on April 10 was around 45.
43 baht, up 0.
27 baht
from the previous session.
The April FOB price of No.
20 label rubber was around 37.
58 baht, down 0.
59 baht
from the previous session.
The USS spot price was around 36.
29 baht, down 0.
42 baht
from the previous session.

On the technical side, the RSS September contract has received strong support around the 150 yen integer, and no breakthrough has been formed after two downward attempts, and a range oscillation may be formed in the short term at 150-155 yen
.
There is strong resistance near the upper medium-term benchmark at 156 yen, while the lower target is around 147 yen where the short-term conversion line is located
.
In terms of position changes, Tokyo Rubber's overall holdings increased slightly, but it still lacked a clear sense of direction, and the future market should pay attention to the news of the April cut of the country of origin while paying attention to the epidemic
.