05042016Wed
Last update: Wed, 04 May 2016 09am

Markets - Commodities

Markets - Commodities - Americas

NY coffee to test support at $1.2065 SINGAPORE: New York July coffee is expected to test a support at $1.2065 per lb, a break below which could cause a loss to the next support at $1.1815.The contract is riding on a wave c, the third wave of a three-wave cycle from the March 23 high of $1.3820. This wave has extended below its 50 percent Fibonacci projection level at $1.2265 and is unfolding towards the 61.8 percent level at $1.2065.At its full capacity, the wave c may unfold to $1.1410, the 100 percent level. A break above $1.2265 could lead to a gain to the 38.2 percent level at $1.2465.Copyright Reuters, 2016

Markets - Commodities - Americas

NY cocoa may retrace into $3,142-$3,159 range SINGAPORE: New York July cocoa may retrace into a range of $3,142-$3,159 per tonne, as indicated by its wave pattern and a Fibonacci projection analysis. The contract is riding on a wave 3, the third wave of a five-wave cycle from the April 13 low of $2,914. This wave has become a bit exhausted, as indicated by the bearish divergence on the hourly MACD and its failure to overcome a resistance at $3,215.The resistance is ...

Markets - Commodities - Americas

U.S. wheat, corn fall; soybeans settle higher CHICAGO: U.S. corn and wheat futures fell on Wednesday, setting back from two days of gains on profit taking as speculators locked in gains on recent short-covering rallies, traders said."The funds have gotten heavy long up here," said Mark Gold, managing partner with Top Third Ag Marketing in Chicago. "This is strictly a fund game. I have not seen a real fundamental reason for the break."Soybeans edged higher, supported by signs U.S. exporters were picking ...

Markets - Commodities - Europe

Sugar hits lows after record Brazil cane crush LONDON: Raw sugar on ICE hit session lows on Wednesday after Brazilian cane data showed a record crush at the high end of expectations for the first half of April.London cocoa dipped after touching its highest level in 4-1/2 months, and arabica coffee futures also fell.Brazil's main centre-south cane belt produced a record amount of sugar and ethanol in an early start to the harvest season, industry association Unica said.Unica reported that 32.84 million tonnes ...

Markets - Commodities - Asia

TOCOM drops from 9-month high on weaker Shanghai futures TOKYO: Benchmark Tokyo rubber futures hit a nine-month high early on Wednesday, helped by firmer oil and a soft yen, but surrendered gains to end lower as weaker Shanghai futures led investors to unwind long positions, dealers said.The Tokyo Commodity Exchange rubber contract for October delivery finished 0.4 yen lower at 200.9 yen ($1.81) per kg, after touching a high of 205.1 yen, the highest since July 31, 2015."The market was lifted by stronger oil ...

Markets - Commodities - Europe

Copper hits lowest in a week on China speculator crackdown LONDON: Copper dipped to the lowest in a week on the third straight day of losses as a crackdown on speculators in China dampened sentiment, but metals markets were supported by a weaker dollar and strong oil prices.Iron ore and steel futures in China led a retreat as the authorities raised trading costs to deter speculative investors believed to be behind last week's big spike in prices and volumes that had raised fears of a ...

Markets - Commodities - Europe

Soybean prices fall as Argentina crop concerns ease LONDON: US soybean futures were lower on Wednesday as drier weather in Argentina helped to curb crop concerns following heavy flooding and corn prices also eased slightly.The Chicago Board of Trade most-active July soybean contract was off 0.3 percent to $10.23-3/4 a bushel at 1033 GMT."Soybeans have had such an incredible run-up and it looked like bit of an over reaction, given the outlook on supplies," said Phin Ziebell, agribusiness economist at National Australia Bank ...