02122016Fri
Last update: Fri, 12 Feb 2016 10am

Markets - Commodities

Markets - Commodities - Asia

Gains in soy, robust exports lift palm to 1-month high KUALA LUMPUR: Malaysian palm oil futures rose to a one-month high on Monday, lifted by gains in US and China soyoil markets and a surge in exports of the tropical oil in the first half of the month.Overseas shipments of Malaysian palm oil between Sept. 1 and Sept. 15 rose 32 percent to 750,425 tonnes compared with the same period a month ago, data from cargo surveyor Intertek Testing Services showed.Demand for crude palm oil more then doubled, while imports for palm oil products from Europe and India surged, the data showed. The strong recovery comes after Malaysia removed export taxes for the crude grade for September and October."The palm market pulled up today on the back of the US soybean oil which was sharply up over a hundred points on Friday, and also the Dalian which went up further this morning," said a trader with a foreign commodities brokerage."Exports ...

Markets - Commodities - Asia

NY sugar may drop to 13.43 cents SINGAPORE: New York October sugar may fall further to 13.43 cents per lb, driven by a powerful wave 3.This is the third wave of a five-wave cycle starting from the Aug. 22 high of 16.05 cents. The big drop on Sept. 12 indicates an acceleration of this wave. The support at 13.72 cents, the 300 percent level, looks very weak and may not hold the fall towards the 338.2 percent projection level at 13.43 cents.Resistance ...

Markets - Commodities - Asia

NY coffee remains neutral in $1.81-$1.8650 range SINGAPORE: New York December coffee still looks neutral in a range of $1.81-$1.8650 per lb, and an escape will point a direction.The range has been formed by the 61.8 percent and the 50 percent Fibonacci retracements on the rise from the July 15 low of $1.6310 to the Sept. 2 high of $2.0995.A rise above $1.8650 could confirm a small bottom that formed around $1.81, and the 38.2 percent retracement at $1.9205 will be targeted. ...

Markets - Commodities - Asia

China iron ore, steel bounce after losses; gains seen fragile SINGAPORE: Iron ore and steel futures in China jumped on Monday as firmer spot steel prices spurred a rebound from a recent string of losses, although the recovery is seen fragile amid growing signs of weakness in the world's No. 2 economy. There was a flurry of spot deals on trading platforms as sellers raised their price offers amid firmer futures markets. The most-traded iron ore for delivery in January on the Dalian Commodity Exchange ...

Markets - Commodities - Asia

Spot gold to drop to $1,218 SINGAPORE: Spot gold is expected to slide to $1,218 per ounce, as it has broken a support at $1,233.The support was provided by the 138.2 percent Fibonacci projection level of a downward wave C that developed from the Aug. 8 high of $1,322.60.The next support will be at $1,218, the 161.8 percent level.It won't be a surprise if gold falls to $1,209, the 176.4 percent level, as the metal could eventually reach $1,184.50, the Dec. ...

Markets - Commodities - Asia

LME copper may fall to $6,739 SINGAPORE: LME copper may break support at $6,772 per tonne and fall more to $6,739, as a rebound from the Sept. 11 low of $6,770 seems to be over. The support is identified as the 123.6 percent Fibonacci projection level of a downward wave C that started at the Sept. 8 high of $7,052.25. Copper failed to overcome this barrier in its first attempt but may succeed in its current attempt. The next support will ...

Markets - Commodities - Asia

LME aluminium targets $1,980 SINGAPORE: A bearish target at $1,980 per tonne has been established for LME aluminium, as it has cleared a support at $2,033. The support was provided by the 23.6 percent Fibonacci retracement on the rise from the May 21 low of $1,754.75 to the Sept. 2 high of $2,119. The next support will be at $1,980, the 38.2 percent retracement. A surge above $2,033 will signal the previous break below this level could be false, ...