The Tokyo rubber market’s RSS2009 contract opened at 150.9 yen in early trading, down 2.1 yen from the previous trading day. The RSS2010 contract opened at 127.5 yen, unchanged from the previous trading day. The exchange rate of the dollar against the yen was around 108.306 in the morning.
In the Tokyo rubber market last weekend, in the context of the Shanghai rubber market’s high consolidation and lack of further upward momentum, the far-month contract fell back to the first line of 150 yen twice under the effect of short-term profit-taking, but failed to form a downward breakthrough. . After a week of last week’s rebound, short-selling funds are also relatively cautious. Before there is no strong negative material, there are few new short-selling transactions in the market.
After the domestic epidemic in China was brought under control, Wuhan, the birthplace, was released last week as one of the few good news in the recent market. However, as imported infection cases still occur in major coastal cities, the domestic epidemic prevention and control situation Still nervous. Another increase in international crude oil prices that supported the rebound in the rubber market came to an end after the OPEC + video conference ended last weekend. As the rate of production cuts was less than market expectations, WTI crude oil prices fell again to around $ 23.
On the spot, the April FOB price of April 3 cigarettes on April 10 was around 45.43 baht, up 0.27 baht from the previous trading day. The April FOB price of No. 20 standard rubber was around 37.58 baht, down 0.59 baht from the previous trading day. The USS spot price is around 36.29 baht, which is 0.42 baht lower than the previous trading day.
From a technical point of view, the RSS September contract has received strong support near the integer of 150 yen, and no breakthrough has been formed after two probe attempts. In the short term, 150-155 yen may form a range oscillation. There is strong resistance near the upper mid-term baseline of 156 yen, while the lower target is near 147 yen where the short-term conversion line is located. Judging from the changes in positions, Tokyo Rubber’s overall positions have increased slightly, but it still lacks a clear sense of direction. The future market should pay attention to the news of the opening of the country of origin in April while paying attention to the epidemic.