04292016Fri
Last update: Fri, 29 Apr 2016 08pm

Markets - Commodities

Markets - Commodities - Asia

Iron ore, steel lead China commodities retreat as curbs bite MANILA: Iron ore and steel futures in China fell again on Wednesday as authorities raised trading costs to deter speculative investors believed to be behind last week's big spike in prices and volumes, which had raised fears of a destabilising crash. The Dalian Commodity Exchange said it would double the transaction fees on steelmaking raw materials coking coal and coke futures from Thursday, the fourth increase in a week.Dalian has also raised the transaction fees on iron ore futures twice this week as the exchange, along with other commodity platforms in Shanghai and Zhengzhou, imposed curbs to restore calm in markets after a week-long surge unsettled global investors.The curbs implemented by the exchanges seemed to be having the desired effect, said Wang Di, analyst at CRU consultancy in Beijing."What they're trying to do is minimise too much speculation, especially from the retail investors."Analysts say speculators were betting that a rise ...

Markets - Commodities - Asia

Spot gold may test resistance at $1,250 SINGAPORE: Spot gold may test a resistance at $1,250 per ounce, a break above which could lead to a gain to the next resistance at $1,267. These resistances are identified respectively as the 14.6 percent and the 7 percent Fibonacci retracements on the uptrend from the Dec. 31, 2015 low of $1,058 to the March 11 high of $1,282.51.Wave pattern suggests that the metal is riding on a wave (5), the fifth wave of a ...

Markets - Commodities - Asia

LME aluminium neutral in $1,632-$1,659 range SINGAPORE: LME aluminium looks neutral in a range of $1,632-$1,659 per tonne, and an escape will point a direction. The range is formed by the 186.4 percent and the 223.6 percent Fibonacci projection levels of an upward wave 3, the third wave of a five-wave cycle from the March 24 low of $1,475.This wave seems to be incomplete, as it may eventually travel to $1,687, the 261.8 percent level. However, to reach this target, the ...

Markets - Commodities - Asia

Shanghai copper neutral in 37,510-38,100 yuan range SINGAPORE: Shanghai copper looks neutral in a range of 37,510-38,100 yuan per tonne, and an escape could point a direction.The range is formed by the 61.8 percent and the 38.2 percent Fibonacci retracements on the rise from 36,570 yuan, an hourly chart low touched on April 18 and the April 25 high of 39,040 yuan.A break above 38,100 yuan could lead to a gain to the 23.6 percent level at 38,460 yuan. However, the bias ...

Markets - Commodities - Asia

Palm oil still targets 2,697 ringgit SINGAPORE: Palm oil still targets 2,697 ringgit per tonne, as it has stabilised in a support zone of 2,644-2,668 ringgit. The zone is formed by the 7 percent and the 14.6 percent Fibonacci projection levels of an upward wave c, the third wave of a three-wave cycle from the March 3 low of 2,470 ringgit.A trendline rising from the March 3 low of 2,470 ringgit also provides a support around 2,650 ringgit. These three supports ...

Markets - Commodities - Americas

CBOT soybeans face resistance at $10.17-3/4 SINGAPORE: CBOT soybeans May contract faces a resistance at $10.17-3/4 per bushel, a break above which could lead to a gain to the next resistance at $10.33-1/2.These resistances are identified respectively as the 176.4 percent and the 200 percent Fibonacci projection levels of an upward wave c, the third wave of a three-wave cycle from the March 2 low of $8.56.This wave could have resumed, as signalled by the gains from the April 25 low ...

Markets - Commodities - Americas

CBOT corn to test resistance at $3.84-1/4 SINGAPORE: CBOT corn is expected to test a resistance at $3.84-1/4 per bushel, a break above which could lead to a gain to the next resistance at $3.91.These resistances are identified respectively as the 38.2 percent and the 23.6 percent Fibonacci retracements on the uptrend from the April 11 low of $3.56 to the April 21 high of $4.02.The trend from the April 1 low of $3.47-1/4 could have resumed, as signalled by corn's failure ...