07302016Sat
Last update: Sat, 30 Jul 2016 12am

Markets - Commodities

Markets - Commodities - Asia

CBOT corn may retest resistance at $3.89-1/4 SINGAPORE: CBOT May corn could have completed a correction triggered by the resistance at $3.89-1/4 per bushel and may retest this level.The resistance is provided by the 38.2 percent Fibonacci retracement on the fall from the Dec. 29, 2014 high of $4.25-1/4 to the March 18 low of $3.67, blocking the way towards the 50 percent level at $3.96.Wave pattern suggests that corn is riding on a wave c or wave (3), which is capable of travelling to $4.03, the 61.8 percent retracement. As a result, the current correction could be brief, to be followed by a very strong surge.A further drop from the current level may be limited to $3.80-1/2, the 23.6 percent level. Copyright Reuters, 2015

Markets - Commodities - Asia

Maldives tenders to buy 6,000 tonnes wheat flour HAMBURG: The Indian Ocean state of Maldives has issued an international tender to purchase and import 6,000 tonnes of wheat flour, European traders said on Wednesday. The flour can be sourced from any origin, they said. Offers will be opened on May 12, they said.Copyright Reuters, 2015

Markets - Commodities - Asia

RUBBER-TOCOM futures end down tracking weak Shanghai TOKYO: Benchmark Tokyo rubber futures followed Shanghai futures lower on Wednesday, ending down 1.5 percent at a near nine-week low, while the market also came under pressure as the yen strengthened against the dollar.Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, gave up early gains of up to 0.7 percent after Shanghai futures opened on a weak note, dealers said.The Tokyo Commodity Exchange rubber contract for September ...

Markets - Commodities - Asia

China plans to subsidise iron ore miners after price slump: paper BEIJING: China is drawing up plans to subsidise its struggling iron ore sector, official media reported on Wednesday, with many high-cost mines forced to shut as a result of a collapse in global prices.China, the world's biggest steel producer, has long been worried by its growing dependence on foreign miners and has tried to maintain a level of self-sufficiency in the key raw material, but its mines have been unable to compete with massive low-cost ...

Markets - Commodities - Asia

China 2014/15 imports of corn substitutes to stay strong BEIJING: Chinese imports of corn substitutes, such as distillers' grains (DDGs), barley and sorghum, are expected to remain robust this year with buyers looking for cheaper alternatives to expensive domestic corn, analysts said.Beijing's stockpiling scheme means domestic corn prices are about 30 percent above global prices and with corn imports restricted by a quota system Chinese mills are looking for alternatives to cut production costs for animal feed. China's barley imports in the 2014/15 marketing ...

Markets - Commodities - Asia

LME copper to retest support at $5,958 SINGAPORE: LME copper is expected to retest a support at $5,958 per tonne as it has completed a rebound triggered by this level.The support is provided by the 50 percent Fibonacci retracement on the rise from the March 18 low of $5,621.50 to the March 26 high of $6,294.50, temporarily blocking the way towards the 61.8 percent level at $5,879.A Fibonacci projection analysis reveals a resistance at $6,096, the 76.4 percent level of an upward ...

Markets - Commodities - Australia

Wilmar warns of potential Australian sugar production shortfall SYDNEY: Australia's sugar production during the 2014/15 season may miss official estimates as a result of recent dry weather across the northeast coast of the world's third-largest raw sugar exporter, Wilmar International Ltd said on Wednesday.Much of Queensland, which accounts for more than 95 percent of the Australian sugar cane production, received less than half the typical levels of rain between January and March, Wilmar said.Australian sugar production relies on rains during the first few ...