04302016Sat
Last update: Sat, 30 Apr 2016 06am

Markets - Commodities

Markets - Commodities - Americas

NY coffee may retrace to $1.2440 SINGAPORE: New York July coffee may retrace to a support at $1.2440 per lb, as it has failed to break a resistance at $1.2675.The resistance is provided by the 50 percent Fibonacci retracement on the fall from the April 21 high of $1.3120 to the April 22 low of $1.2230. It has caused a drop towards the 23.6 percent level at $1.2440.The gain from $1.2230 is classified as a bounce against the fall from $1.3120. Over the next few days, coffee may revisit $1.2230.Should the contract manage to stabilize around the 38.2 percent level at $1.2570, it may have a better chance of breaking above the resistance and rise further to the 61.8 percent level at $1.2780.Copyright Reuters, 2016

Markets - Commodities - Americas

NY cocoa's target at $3,250 intact SINGAPORE: New York July cocoa still targets $3,250 per tonne, as indicated by its wave pattern and a Fibonacci ratio analysis. The contract is riding on a wave c, the third wave of a three-wave cycle from $2,746. A Fibonacci projection analysis reveals a target of this wave at $3,253, the 100 percent level.A Fibonacci retracement analysis on the downtrend from the Dec. 7, 2015 high of $3,406 to the Jan. 28, 2016 low of ...

Markets - Commodities - Europe

Copper slides as worries about China demand resurface LONDON: Copper prices fell on Tuesday in a sell-off fuelled by worries that expectations of stronger demand in top consumer China were overly optimistic, though a weaker dollar helped support prices. Benchmark copper on the London Metal Exchange closed down 0.7 percent at $4,962 a tonne. "Going back to January everybody was extremely bearish about China and they are way too optimistic now," Oxford Economics analyst Dan Smith said. "We're going to see a significant ...

Markets - Commodities - Europe

Vietnam coffee premiums in Europe hold up despite futures rally LONDON: Vietnamese physical robusta coffee premiums remain strong in Europe despite a futures rally, boosted by strong demand from roasters while concerns about dry weather has slowed the pace of farmer selling, European traders said on Tuesday.Traders quoted grade 2 Vietnamese robusta at $50 over July futures this week, unchanged from a week ago. Benchmark futures hit a five-month high of $1,602 per tonne on April 21.Dealers noted buoyant demand for Vietnamese robusta, saying many ...

Markets - Commodities - Europe

European wheat under pressure as large crop looms PARIS: European wheat prices edged lower on Tuesday, under pressure from a firm euro and bearish fundamentals with the prospect of good harvests ahead.May milling wheat on Paris-based Euronext was 1.00 euro or 0.7 percent weaker by 1610 GMT at 151.25 euros a tonne, just above key support of 151.00, after rising to 152.75 euros.Traders said price moves remained sensitive to fund positioning which sent the market higher last week without the support of fundamental. ...

Markets - Commodities - Europe

European vegoils-Crude palm oil eases on weaker ringgit ROTTERDAM: Crude palm oil was offered mostly easier on Tuesday on the back of a weaker ringgit, which at the same time underpinned firm Malaysian palm oil futures due to export hopes. "The easier ringgit made palm oil cheaper for foreign buyers, which could boost export demand," one broker said. Crude palm oil was offered between $2.50 a tonne up from Monday and $10 a tonne down after Malaysian palm oil futures closed between 15 ...

Markets - Commodities - Europe

European feeds-Soymeal up with CBOT on planting delay fears ROTTERDAM: Soymeal on the European meals and feeds market rallied on Tuesday following renewed sharp gains in CBOT soycomplex futures because of concerns over planting delays in the US soybean belt. "The European cash market continued to follow Chicago because there are not many other leads to work with. The recent volatility discouraged buyers from entering the market as they are worried that what they buy today is too expensive tomorrow," one broker said. South ...