05042016Wed
Last update: Wed, 04 May 2016 04pm

Markets - Commodities

Markets - Commodities - Asia

Spot gold neutral in $1,168.25-$1,209.90 range SINGAPORE: Spot gold looks neutral in a range of $1,168.25 to$1,209.90 per ounce, and an escape will point a direction. The range has been formed by the Jan. 2 low and the Dec. 30, 2014 high. At this momentum, it is still hard to categorise the consolidation within this range. A rise above $1,210 will signal the formation of a bottom around $1,168, and a bullish target at $1,240 will be established. Only a drop below $1,168.25 could confirm the continuation of the downtrend towards $1,127.A dip to $1,186, however, could be extended to $1,168. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. Copyright Reuters, 2014

Markets - Commodities - Asia

Wheat up for 2nd day as US crop deteriorates; corn, soy ease SINGAPORE: Chicago wheat gained more ground on Tuesday as the US winter crop deteriorates in harsh weather and importers lock in supplies, taking advantage of a decline in prices to a one-month low last week. Soybeans dipped half a percent after notching their biggest one-day gain in nearly two months on Monday, as low prices attracted buying, while corn gave up some of last session's strong gains. "Perhaps the cold did worry some punters out ...

Markets - Commodities - Asia

LME copper to retest support at $6,098 SINGAPORE: LME copper is expected to retest a support at $6,098 per tonne, a break below which will lead to a further loss to $6,069.The support is provided by the 123.6 percent Fibonacci projection level of a downward wave 3-3, the third wave of a five-wave cycle that developed from the Dec. 19 high of $6,431. A rebound triggered by the support seems to be more or less completed around a resistance at $6,172, the ...

Markets - Commodities - Asia

LME aluminium to test support at $1,811 SINGAPORE: LME aluminium is expected to test a support at $1,811 per tonne, a break below which will open the way towards the next support at $1,790. The support is provided by the 114.6 percent Fibonacci level of a downward wave c that developed from the Nov. 6 high of $2,078.75. The next support will be at $1,790, the 123.6 percent projection level. Indeed, aluminium may slide to $1,777, the 76.4 percent Fibonacci retracement on ...

Markets - Commodities - Asia

Shanghai copper to fall to 44,290 yuan SINGAPORE: Shanghai copper may end its current weak rebound around a resistance at 44,770 yuan per tonne, and then fall again towards the support at 44,290 yuan.The support and the resistance are identified respectively as the 61.8 percent and the 50 percent Fibonacci projection levels of a downward wave C that started at 46,810 yuan, an hourly chart high touched on Dec. 15.This wave is capable of travelling to 42,730 yuan, the 100 percent projection ...

Markets - Commodities - Asia

Palm oil to rise to 2,349 ringgit SINGAPORE: Palm oil is expected to rise to 2,349 ringgit per tonne, driven by a wave C. The contract is testing a resistance at 2,299 ringgit, the 50 percent Fibonacci projection level of the wave C, the third wave of a three-wave cycle that developed from the Sept. 2, 2014 low of 1,914 ringgit.This wave is capable of travelling to 2,514 ringgit, the 100 percent level.A more realistic target will be 2,349 ringgit, the 61.8 ...

Markets - Commodities - Asia

South Korea says imposes rice import tariff of over 500pc, major exporters concerned SEOUL: South Korea confirmed on Tuesday it had begun to impose a tariff of over 500 percent on rice imports from the start of the year, but added that five members of the World Trade Organization had raised concerns over the level. Asia's fourth-largest economy wants to protect farmers after scrapping a cap on politically sensitive imports of the main staple in line with international trade commitments made via the WTO. In September, it set ...