04302016Sat
Last update: Sat, 30 Apr 2016 09pm

Asia

Markets - Commodities - Asia

Palm hits 7-week low on sluggish exports as buyers pick up rival soy KUALA LUMPUR: Malaysian palm oil futures declined on Friday to a new seven-week low, as palm exports slow due to stronger demand for rival soyoil.The palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange fell 0.4 percent to 2,593 ringgit ($664) per tonne at the close of trade.It declined for a third week this month, and has lost 5.6 percent since the start of April.Palm earlier hit a new seven-week low of 2,570 ringgit, its weakest since March 11. Traded volumes were 40,242 lots of 25 tonnes each, versus a 2015 daily average of 44,600."Since the palm and soy spread is narrow, people are taking soy. We have to see if demand comes in May, that will set the tone," said a Kuala Lumpur-based trader, adding prices were unlikely to recover to 2,700 ringgit if demand remained weak."We are expecting Ramadan demand but it is not showing ...

Markets - Commodities - Asia

Spot gold may rise more to $1,289 SINGAPORE: Spot gold may rise more to $1,289 per ounce, driven by a powerful wave (5)-3. This is the third wave of a five-wave cycle from the March 28 low of $1,208.15. It may travel to $1,289, the 100 percent Fibonacci projection level, or to $1,327, the 161.8 percent level. A wedge forming between March 11 and April 28 suggests a target similar to $1,327.A correction could be shallow, limited to a support at $1,265, ...

Markets - Commodities - Asia

LME aluminium targets $1,687 SINGAPORE: LME aluminium may break a resistance at $1,669 per tonne and rise to the next resistance at $1,687, as suggested by its wave pattern and a Fibonacci projection analysis. These resistances are identified respectively as the 238.2 percent and the 261.8 percent Fibonacci projection levels of an upward wave 3, the third wave of a five-wave cycle from the March 24 low of $1,475.A wedge forming between April 22 and April 28 suggests this ...

Markets - Commodities - Asia

Shanghai copper may rise to 38,320 yuan SINGAPORE: Shanghai copper may break a resistance at 37,820 yuan per tonne and rise towards the next resistance at 38,320 yuan, as suggested by a Fibonacci projection analysis.The analysis is based on the uptrend from the April 12 low of 35,600 yuan to the April 25 high of 39,040 yuan. Even though it is not very clear if the gain from the April 28 low of 37,010 yuan is an extension of the uptrend, the ...

Markets - Commodities - Asia

Palm oil to stablise around 2,571 ringgit SINGAPORE: Palm oil may stabilise around a support at 2,571 ringgit per tonne, and then test a resistance at 2,594 ringgit, a break above which could lead to a gain into a range of 2,612-2,637 ringgit. The support is provided by the 100 percent Fibonacci projection level of a downward wave c, the third wave of a three-wave cycle from the March 29 high of 2,793 ringgit.This wave has not been disrupted by higher projection ...

Markets - Commodities - Asia

Spot gold signals mixed SINGAPORE: Signals are mixed for spot gold, as it failed to break a resistance at $1,250 per ounce. The resistance is established by the 14.6 percent Fibonacci retracement on the uptrend from the Dec. 31, 2015 low of $1,058 to the March 11 high of $1,282.51.The metal may continue to test this barrier until overcoming it and rising to the 7 percent at $1,267. However, it could also retrace to a support at $1,230, the ...

Markets - Commodities - Asia

LME aluminium biased to break support at $1,632 SINGAPORE: LME aluminium is biased to break a support at $1,632 per tonne and fall to the next support at $1,614, as suggested by its wave pattern and a Fibonacci projection analysis. These supports are identified respectively as the 186.4 percent and the 161.8 percent Fibonacci projection levels of an upward wave 3, the third wave of a five-wave cycle from the March 24 low of $1,475.The analysis also reveals a resistance at $1,669, the ...