There are many uncertainties in the market, and rubber is sideways in the short term

Since entering July, the manufacturing purchasing managers' index in June with official and private statistics is higher than the dry line, coupled with the central bank lowering the relending rate, driven by macro policies, the Shanghai stock market reversed the previous weakness and rose sharply, driving the overall commodity market higher
.
At the beginning of early trading, the main contract of Shanghai rubber began to climb, combined with the evening trading has approached the 10,500 yuan line
.
At the same time, the Shanghai Futures Exchange issued a notice late yesterday that it will cut trading fees for rigid steel and natural rubber from July 7, which may further promote the short-term rally in the market
.
On the other hand, some market analysts said that this price rebound has signs of
foreign capital return.
Since the passage and implementation of the Hong Kong National Security Law yesterday, there is a possibility
that a lot of Hong Kong floating capital will return to the mainland.
Due to the recent uncertainties in the market, whether there can be a medium-term upward trend may have to wait until after
the US Independence Day is closed.

In terms of spot, the July FOB price of No.
3 cigarette tablets on July 2 was around 46.
27 baht, up 0.
69 baht
from the previous session.
The July FOB price of No.
20 label rubber was around 39.
66 baht, up 0.
06 baht
from the previous session.
The USS spot price was around 38.
57 baht, down 0.
22 baht
from the previous session.

On the technical side, the Tokyo Far Month contract hovers below the medium-term baseline and short-term conversion line, and remains weak
in the overall safe-haven atmosphere in the financial market.
In terms of position changes, the overall market position has not changed much, the trading volume mainly comes from the moon-to-month transaction between far month contracts, and from the most November to December price difference changes, medium-term short orders may be moving
.
On the balance sheet, the price entity slowly moved down the upper line of the cloud to the lower limit of 153.
0 yen, combined with the support of the main contract in Shanghai at the integer level of 10,000 yuan, the short-term sideways movement of the Tokyo market is more
likely.
The market may want to return to the medium-term benchmark, when a new round of long signals will start a medium-term upward trend
.