02132016Sat
Last update: Sat, 13 Feb 2016 03pm

Markets - Commodities

Markets - Commodities - Australia

London copper faces biggest weekly drop in one month MELBOURNE: London copper firmed on Friday but was still on track for its biggest weekly drop in a month as a holiday in top consumer China eroded buying and fears about the strength of European banks fuelled jitters over the global economy.Metals prices were insulated by a weaker dollar which held around four-month lows against a basket of currencies.But as traders jostle for position ahead of China's return on Monday, some did not expect the fragile peace to last. "Some Chinese traders with access to the LME markets may want to do some selling in advance of what could be a messy opening on SHFE, come Monday," said analyst Ed Meir of INTL FC Stone in a research note. Three-month copper on the London Metal Exchange edged up by 0.5 percent to $4,468.50 a tonne by 0648 GMT after finishing little changed in the previous session.Prices are fast approaching six-and-a-half-year ...

Markets - Commodities - Asia

NY coffee to drop to $1.1090 SINGAPORE: New York March coffee is expected to drop to $1.1090 per lb, as indicated by its wave pattern and a Fibonacci projection analysis.The contract is riding on a wave 5, the fifth wave of a five-wave cycle from the Dec. 7 high of $1.2830. It seems coffee's move has been controlled by various Fibonacci projection levels, based on the length of the first wave labelled 1.The immediate support is at $1.1260, the 123.6 percent ...

Markets - Commodities - Asia

LME copper may approach resistance at $4,501 again SINGAPORE: LME copper may approach resistance at $4,501 per tonne again, as it failed to break support at $4,445. Resistance and support are identified respectively as the 100 percent and the 138.2 percent Fibonacci projection levels of a downward wave (3), the third wave of a three-wave cycle from the Feb. 4 high of $4,720. Wave pattern suggests that a break above $4,501 could be unlikely, as copper is under a consolidation phrase and will ...

Markets - Commodities - Asia

LME aluminium may consolidate in $1,480-$1,499 range SINGAPORE: LME aluminium may consolidate in a narrow range of $1,480-$1,499 per tonne for one day before falling again, as indicated by a Fibonacci projection analysis. The range is formed by the 23.6 percent and the 38.2 percent Fibonacci projection levels of an upward wave C, the third wave of a three-wave cycle from the Nov. 23 low of $1,432.50. This wave, together with the preceding two waves labelled B and A, has made up ...

Markets - Commodities - Asia

Palm oil to climb to 2,672 ringgit SINGAPORE: Palm oil is expected to climb to 2,672 ringgit per tonne, as it has cleared a resistance at 2,585 ringgit. The resistance was provided by the 61.8 percent Fibonacci projection level of an upward wave C, the third wave of a three-wave cycle from the Aug. 25, 2015 low of 1,863 ringgit. This wave is capable of travelling to 2,813 ringgit, its 100 percent projection level. The next resistance will be at 2,672 ringgit, ...

Markets - Commodities - Asia

Iron ore slips ahead of China's return amid tough steel market, glut MANILA: Iron ore futures and swaps in Singapore drifted lower this week in thin trading with China on Lunar New Year holiday, suggesting a near-8 percent rally in spot prices before the break was either a blip or would be tough to follow. Spot iron ore scored its best week in nine months last week as traders took positions expecting a stronger market when the Chinese return next week. But analysts say many may end ...

Markets - Commodities - Asia

CBOT soybeans to rise to $8.78 SINGAPORE: CBOT soybeans March contract is expected to rise to $8.78 per bushel, as it has cleared a resistance at $8.74-1/2.The resistance was provided by the 50 percent Fibonacci retracement on the fall from the Feb. 2 high of $8.89-1/2 to the Feb. 9 low of $8.59-1/2.The next resistance will be at $8.78, the 61.8 percent level, a break above which could lead to a gain to the 76.4 percent level at $8.82-1/4.A sudden fall ...