The Tokyo morning RSS1904 contract opened at 159 yen, d […]
The Tokyo morning RSS1904 contract opened at 159 yen, down 0.8 yen from the previous trading day. The TSR1905 contract opened at 144.6 yen, down 0.4 yen from the previous trading day. The USD/JPY exchange rate was around 113.59 in the morning.
Yesterday's Tokyo rubber market, RSS far-month prices are basically at a low level, near the Shanghai November contract, the main January contract price changes are limited. In the far month of May, the premium space for the September contract continued to be squeezed, while the support for the January contract around 11,000 yuan continued to stabilize. The November November contract in Tokyo is facing downward adjustments in speculative funds, and the spot price in Thailand has been weakening recently. The spread of spot and futures has gradually returned to normal.
In terms of spot, the November FOB price of No. 3 tobacco on November 14 was around 44.53 baht, down 0.72 baht from the previous trading day. The No. 20 standard November FOB price was around 42.1 baht, up 0.71 baht from the previous trading day. The USS spot price was around 37.5 baht, down 0.5 baht from the previous trading day.
Technically, the RSS far-month price finds support at 166 yen. As mentioned in the previous report, it takes a certain amount of time for K to first look at the reversal of the price trend. The recent political turmoil in Europe has caused the macroeconomic environment to fail to support risky assets. On the other hand, the pressure on the market to replenish stocks is constantly accumulating. In the short term, there may be a return to the baseline around 165 yen. In the trading strategy, you can try to do more unilateral light warehouse after the month of Shanghai November contract.
At the close of Tokyo on November 14, the spread between the 1904 month contract and the Shanghai 1901 contract (Tokyo-Shanghai) was -220 USD/ton.