05242016Tue
Last update: Tue, 24 May 2016 02pm

Markets - Commodities

Markets - Commodities - Europe

EU sugar farmers wrap up planting; cold, wet spells delay growth LONDON: EU sugar beet farmers have ended their plantings in generally favourable conditions but cold and wet spells in early May delayed some plant growth. French sugar beet crops were in reasonable condition but wet, cool weather during much of the spring caused significant disease pressure and slowed plant development."Despite sowing running about three days later than last year, beet crops emerged well during April," beet institute ITB said in a note."But the cold weather from the end of the month slowed the vegetation process."ITB and growers' group CGB estimate the average planting date this year at March 21, later than in 2015 but broadly in line with the five-year mean.Damp conditions have encouraged slugs and some regions were affected by hail storms and frost last month. These pressures have led to varying plant growth rates and prompted farmers to replant up to 1,000 hectares, ITB said.A drop in production ...

Markets - Commodities - Asia

Spot gold may retest support at $1,243 SINGAPORE: Spot gold is expected to retest a support at $1,243 per ounce, as it has not completed a correction from the May 2 high of $1,303.60. The support is provided by the 23.6 percent Fibonacci retracement on a five-wave cycle from the Dec. 17, 2015 low of $1,047.25 to the May 2 high of $1,303.60. The cycle has completed, and the current drop may extend to $1,206, the 38.2 percent level.This target will be ...

Markets - Commodities - Asia

LME aluminium to consolidate further in $1,529-$1,559 range SINGAPORE: LME aluminium may consolidate further in a range of $1,529-$1,559 per tonne for one or a few days before rising again. The range is formed by the 61.8 percent and the 50 percent Fibonacci retracements on the rise from the Nov. 23, 2015 low of $1,432.50 to the April 29 high of $1,686. The bounce from the May 13 low of $1,531 seems to be incomplete. Eventually, aluminium may break above $1,559 and rise ...

Markets - Commodities - Asia

Shanghai copper may retest support at 35,000 yuan SINGAPORE: Shanghai copper may retest a support at 35,000 yuan per tonne, a break below which could cause a loss to the next support at 34,680 yuan.These supports are provided respectively by the 114.6 and the 123.6 percent Fibonacci projection levels of a downward wave C, the third wave of a three-wave cycle from the March 7 high of 39,400 yuan.This wave seems to be extending towards a range of 33,750-34,160 yuan, formed by the ...

Markets - Commodities - Asia

Palm oil may retest support at 2,500 ringgit SINGAPORE: Palm oil may test a support at 2,500 ringgit per tonne, with a good chance of breaking below this level and falling further towards the next support at 2,484 ringgit. These supports are identified respectively as the 76.4 percent and the 86.4 percent Fibonacci projection levels of a downward wave c, the third wave of a three-wave cycle from the May 11 high of 2,717 ringgit. This wave could eventually travel to 2,463 ringgit, ...

Markets - Commodities - Americas

CBOT soybeans signals mixed SINGAPORE: Signals are mixed for CBOT soybeans July contract and will become clear when the contract leaves a range of $10.54-1/2 to $10.86-3/4 per bushel.The range is formed by the 214.6 percent and the 261.8 percent Fibonacci projection levels of an upward wave 3, the third wave of a five-wave cycle from the March 2 low of $8.62.It is not very clear if the cycle has ended. A rise above $10.86-3/4 could confirm the extension ...

Markets - Commodities - Americas

CBOT corn may retest support at $3.85-1/2 SINGAPORE: CBOT July corn may retest a support at $3.85-1/2 per bushel, a break below which could cause a loss to the next support at $3.81.The deep fall on May 19 suggests an extension of a wave B, which started at the April 21 high of $4.07-1/4. A Fibonacci projection analysis reveals the mathematical relation between the current move and the preceding fall from $4.07-1/4.The 38.2 percent level at $3.85-1/2 and the 50 percent level ...