02082016Mon
Last update: Mon, 08 Feb 2016 04am

Markets - Commodities

Markets - Commodities - Asia

NY sugar may fall to 13.61 cents SINGAPORE: New York March sugar may break a support at 13.97 cents per lb and fall more towards the next support at 13.61 cents, as indicated by its wave pattern and a Fibonacci projection analysis. The contract could be riding on a wave a, the fifth wave of a double-zigzag from the Dec. 4, 2015 high of 15.85 cents. Based on the length of the preceding wave c, which started at the Dec. 31, 2015 high of 15.44 cents, a Fibonacci projection analysis reveals a target at 13.61 cents, the 100 percent level.This target will be confirmed when sugar breaks the nearest support at 13.97 cents, the 76.4 percent level. Resistance will be at 14.19 cents, the 61.8 percent level, a break above which could lead to a gain limited to 14.36 cents, the 50 percent level.Copyright Reuters, 2016

Markets - Commodities - Asia

Beijing carbon market to extend pilot trading BEIJING: Beijing's carbon market will continue to trade local permits even after a three-year pilot phase expires in June, its market regulator said, seeking to allay worries that cancellation of permits could trigger a price collapse.If extended to the six other pilot exchanges, the move could help manage volatility arising from the expiry of the current phase of trading and the establishment of a nationwide market, now delayed until next next year.It remains unclear which ...

Markets - Commodities - Asia

NY coffee faces resistance at $1.1705 SINGAPORE: New York March coffee faces resistance at $1.1705 per lb, a break above which could lead to a gain to the next resistance at $1.1895.These resistances are identified respectively as the 38.2 percent and the 50 percent Fibonacci retracements on the fall from the Dec. 31, 2015 high of $1.2680 to the Jan. 20 low of $1.1105. A rise to $1.1760 could confirm a break above $1.1705. A drop to $1.1560 could signal coffee's ...

Markets - Commodities - Europe

Russia's Agriculture Minister proposes wheat export tax removal or cut MOSCOW: Russia's Agriculture Minister has proposed the government to discuss a state wheat export duty removal or cut, First Deputy Minister Evgenii Gromyko told reporters in Moscow on Wednesday.Russia currently has a floating tax on wheat exports. The formula is set at 50 percent of the customs price minus 6,500 roubles ($82) per tonne but not less than 10 roubles per tonne.Copyright Reuters, 2016

Markets - Commodities - Asia

Gold near 12 weeks top as dollar slips ahead of Fed statement MANILA: Gold beamed near a 12-week peak on Wednesday, supported by a softer dollar as investors awaited the outcome of the Federal Reserve's first policy meeting of the year. The US central bank is widely expected to keep key rates unchanged at the conclusion of its two-day meet later in the day, but investors are keen on what policymakers have to say about global economic headwinds from China to Europe.Expectations for a rate increase at ...

Markets - Commodities - Asia

Spot gold may rise to $1,136 SINGAPORE: Spot gold may rise further to $1,136 per ounce, as indicated by a Fibonacci projection analysis and an expanding diagonal triangle. The metal is riding on a wave C, the third wave of a three-wave cycle from the Dec. 17, 2015 low of $1,047.25. This wave could extend to $1,136, the 100 percent projection level.The wave C, along with the preceding wave A and the wave B, has been unfolding within the expanding diagonal ...

Markets - Commodities - Asia

LME aluminium to approach $1,511 SINGAPORE: LME aluminium is expected to approach resistance at $1,511 per tonne, driven by a wave c. This is the third wave of a three-wave cycle from the Jan. 12 low of $1,449. It is progressing towards $1,511, the 23.6 percent Fibonacci projection level of a downward wave C, which is the third wave of a three-wave cycle from the Sept. 9, 2015 high of $1,655.50.A break above $1,511 could lead to a gain to ...