09252016Sun
Last update: Sun, 25 Sep 2016 08pm

Markets - Commodities

Markets - Commodities - Asia

Shanghai copper to test 37,780 yuan SINGAPORE: Shanghai copper is expected to test a resistance at 37,780 yuan per tonne, a break above which could open the way towards the next resistance at 38,330 yuan.These resistances are identified respectively as the 23.6 percent and the 14.6 percent Fibonacci retracements of the uptrend from the Nov. 24, 2015 low of 33,150 yuan to the July 13 high of 39,210 yuan. A wedge developing from 33,150 yuan suggests a target around 39,000 yuan. It seems the break above 37,780 yuan is highly likely.A correction from the current level could be limited to the Sept. 21 low of 37,200 yuan.Use EIKON news "Alerts" to get reports sent to your email box automatically. Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his ...

Markets - Commodities - Asia

Gold down on profit-taking as stocks rally after Fed holds rates BENGALURU: Gold prices edged lower on Thursday as investors booked profits after a 1.5 percent rise in the previous session, opting for riskier assets like equities after the US Federal Reserve held interest rates steady at the end of a two-day policy meeting.The US central bank, however, strongly signalled it could still tighten monetary policy by year-end as the labour market improved further.Spot gold was down 0.3 percent at $1,332.80 an ounce by 0402 GMT, ...

Markets - Commodities - Asia

CBOT soybeans neutral in $9.73-1/4 to $9.80-3/4 range SINGAPORE: CBOT soybeans November contract looks neutral in a range of $9.73-1/4 to $9.80-3/4 per bushel, and an escape could point a direction.The range is formed by the 61.8 percent and the 76.4 percent Fibonacci projection levels of an upward wave c, the third wave of three-wave cycle from the Sept. 1 low of $9.37.It is unclear if the correction from the Sept. 20 high of $9.94 has completed. A break below $9.73-1/4 could confirm ...

Markets - Commodities - Asia

Palm oil gains on lower output, better-than-forecast exports KUALA LUMPUR: Malaysian palm oil futures on Thursday are on track for a fourth session of gains in five, on expectations of lower output and better-than-forecast export demand.Palm declined in the previous session after charting three consecutive days of gains. It hit a five-month high of 2,728 ringgit in early trade on Wednesday.Benchmark palm oil futures for December on the Bursa Malaysia Derivatives Exchange gained 0.2 percent to 2,683 ringgit ($653) a tonne at the ...

Markets - Commodities - Asia

Global palm oil output to recover in H1 2017 as El Nino effects fade KUALA LUMPUR: Global palm oil production will recover in 2017, increasing by 4 million tonnes in the first half of next year from the same time in 2016, said leading industry analyst James Fry, after the crop damaging El Nino weather event reduced output this year.Rising palm oil production could dampen benchmark palm oil prices, which hit a five-month high on tight market supplies in early trade on Wednesday.Palm futures rose 0.2 percent to 2,683 ...

Markets - Commodities - Americas

Brazil government trims 2016 coffee crop view to 49.6mn bags SAO PAULO: Brazil's crop supply agency Conab forecast the country's 2016 coffee output at 49.64 million bags on Wednesday, down slightly from its May forecast, after losses from drought in robusta growing regions eclipsed gains in arabica areas. Despite better than expected gains in leading arabica growing regions in Minas Gerais, the state which produces 50 percent of Brazil's coffee, bigger losses in robusta growing areas prompted the agency to trim its estimate. The forecast ...

Markets - Commodities - Americas

CBOT Trends-Wheat down 2-3 cents, corn down 1-2, soybeans down 2-4 CHICAGO: Following are US trade expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CDT (1330 GMT) on Wednesday. NOTE: The US Federal Reserve's two-day policy meeting concludes with an interest rate decision at 1 p.m. CDT (1800 GMT). Friday is the last trading day for CBOT October options. WHEAT - Down 2 to 3 cents per bushel Lower in sideways trade; following early ...