Asia Stay updated with Business News, Pakistan news, Current world news and latest world news with Business Recorder.. http://www.brecorder.com/markets/commodities/asia.html Sat, 22 Nov 2014 11:20:15 +0000 SRA Framework 2.0 en-gb Spot gold may test resistance at $1,203 http://www.brecorder.com/markets/commodities/asia/206237-spot-gold-may-test-resistance-at-$1203.html http://www.brecorder.com/markets/commodities/asia/206237-spot-gold-may-test-resistance-at-$1203.html imageSINGAPORE: Spot gold may test a resistance at 1,203 per ounce, a break above which will lead to a further gain to $1,247.

The resistance is at the 23.6 percent Fibonacci retracement on the fall from the Aug. 28, 2013 high of $1,433.31 to the Nov. 7 low of $1,131.85. It has triggered a correction which seems to have ended around the 14.6 percent level at $1,176.

A rise to $1,210 could signal a break above the resistance, while a break below $1,176 could indicate the completion of the rebound from $1,131.85.

No information in this analysis should be considered as being business, financial or legal advice.

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

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Asia Fri, 21 Nov 2014 14:50:16 +0000
US corn, soy ease after rally; record supply adds pressure http://www.brecorder.com/markets/commodities/asia/206233-us-corn-soy-ease-after-rally;-record-supply-adds-pressure.html http://www.brecorder.com/markets/commodities/asia/206233-us-corn-soy-ease-after-rally;-record-supply-adds-pressure.html imageSINGAPORE: Chicago corn and soybean prices slid on Friday as record US harvesting nears completion, with both markets giving up some of last session's gains driven by strong demand and slower farmer sales.

Wheat also dipped, tracking declines in corn, although losses were limited by harsh weather threatening crops in Russia and the United States.

Corn jumped almost 3 percent on Thursday after dropping to a two-week low earlier in the session as falling prices chilled farmer sales, and exports sales rose more than market expectations.

But all-time high US corn and soybean production is likely to flood the market with supplies, weighing on prices, analysts said.

"After a four-day losing streak, the market was due for a bounce anyway," Tobin Gorey, an analyst at Commonwealth Bank of Australia, said in a note to clients, referring to Thursday's rally in corn prices. "We're not sure that the level is low enough yet and expect prices can fall another 20 cents or so. Weather forecasters expect warmer and drier conditions in the US next week to allow harvests to close on completion."

Even though corn and soybean prices recovered on Thursday, the markets are poised to close the week lower.

Soybeans have dropped 0.7 percent, falling for a third consecutive week and corn is down 2.7 percent after rising 3.9 percent last week. Wheat has given up 2.8 percent after rallying almost 9 percent last week.

Chicago Board of Trade corn fell 0.5 percent to $3.71-1/4 a bushel by 0207 GMT on Friday and soybeans lost 0.6 percent to $10.14-3/4 a bushel.

Wheat gave up 0.3 percent to $5.50-3/4 a bushel. Private exporters struck deals to sell 101,600 tonnes of US corn and 140,000 tonnes of US soybeans to unknown destinations, the US Department of Agriculture said.

It followed an earlier announcement of corn export sales last week of 908,700 tonnes, the largest in a month and above the high end of analysts' expectations.

The decline in wheat is being limited by freezing temperatures threatening the US winter wheat crop.

And weather forecasters expect temperatures to fall low enough to damage unprotected wheat crops starting over the weekend in western Russia.

Copyright Reuters, 2014

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Asia Fri, 21 Nov 2014 14:45:50 +0000
LME copper neutral in $6,600-$6,680 range http://www.brecorder.com/markets/commodities/asia/206230-lme-copper-neutral-in-$6600-$6680-range.html http://www.brecorder.com/markets/commodities/asia/206230-lme-copper-neutral-in-$6600-$6680-range.html imageSINGAPORE: LME copper looks neutral in a range of $6,600-$6,680 per tonne, and an escape will point a direction.

The range has been defined by two trendlines of a triangle.

Wave pattern suggests that this pattern could be bullish, as an upward wave C that developed from the Nov. 13 low of $6,590 seems to be incomplete.

However, due to the complex structure of this wave, it could be hard to time the break above the upper trendline. Strategically, a rise to $6,690 may confirm both a break and a target at $6,780.

A drop below $6,600 could be extended to $6,540.

No information in this analysis should be considered as being business, financial or legal advice.

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

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Asia Fri, 21 Nov 2014 14:42:04 +0000
LME aluminium remains neutral in $2,008-$2,035 range http://www.brecorder.com/markets/commodities/asia/206227-lme-aluminium-remains-neutral-in-$2008-$2035-range.html http://www.brecorder.com/markets/commodities/asia/206227-lme-aluminium-remains-neutral-in-$2008-$2035-range.html imageSINGAPORE: LME aluminium remains neutral in a range of $2,008 - $2,035 per tonne, and an escape will point a direction.

The range has been formed by the 38.2 percent and the 23.6 percent Fibonacci retracements on the rise from the Oct. 16 low of $1,893.50 to the Nov. 6 high of $2,078.75.

The gain on Nov. 20 could be categorized as a rebound or a continuation of the preceding uptrend that developed from $1,893.50.

A break above $2,035, however, will trigger a further gain to $2,052, the 14.6 percent level.

A break below $2,008 will signal the completion of the rebound from the Nov. 18 low of $2,002.

No information in this analysis should be considered as being business, financial or legal advice.

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

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Asia Fri, 21 Nov 2014 14:36:18 +0000
Shanghai copper may break resistance at 47,280 yuan http://www.brecorder.com/markets/commodities/asia/206225-shanghai-copper-may-break-resistance-at-47280-yuan.html http://www.brecorder.com/markets/commodities/asia/206225-shanghai-copper-may-break-resistance-at-47280-yuan.html imageSINGAPORE: Shanghai copper third month may break a resistance at 47,280 yuan per tonne, and then rise into a range of 47,450-47,610 yuan.

The wave pattern suggests copper is riding on a wave c, the third wave of a three-wave cycle that developed from the Nov. 5 low of 46,510 yuan, and it is capable of traveling to 48,130 yuan, the 100 percent Fibonacci projection level.

The immediate resistance is at 47,280 yuan, the 38.2 percent level. Copper failed to overcome this barrier in its first attempt, but may succeed in its current attempt.

No information in this analysis should be considered as being business, financial or legal advice.

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

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Asia Fri, 21 Nov 2014 14:34:04 +0000
Palm oil to bounce to 2,256 ringgit http://www.brecorder.com/markets/commodities/asia/206222-palm-oil-to-bounce-to-2256-ringgit.html http://www.brecorder.com/markets/commodities/asia/206222-palm-oil-to-bounce-to-2256-ringgit.html imageSINGAPORE: Palm oil is expected to rebound to 2,256 ringgit per tonne, as it will continue to consolidate within a triangle.

After touching the lower trendline of the pattern, about 2,213 ringgit, palm oil has been bouncing up towards the upper trendline resistance around 2,256 ringgit.

Wave pattern suggests the current bounce could be driven by a wave c, the third wave of a three-wave cycle that rose from the Nov. 7 low of 2,193 ringgit.

A break below 2,213 ringgit, the 14.6 percent Fibonacci projection level, could confirm the triangle as a bearish pattern.

The views expressed are his own.

No information in this analysis should be considered as being business, financial or legal advice. 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

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Asia Fri, 21 Nov 2014 14:30:27 +0000
Asian stocks mixed at end of a downbeat week http://www.brecorder.com/markets/commodities/asia/206094-asian-stocks-mixed-at-end-of-a-downbeat-week.html http://www.brecorder.com/markets/commodities/asia/206094-asian-stocks-mixed-at-end-of-a-downbeat-week.html imageHONG KONG: Asian markets were mixed Friday with a record close on Wall Street unable to lift investors at the end of a disappointing week that saw Japan plunge into recession and a trumpeted Hong Kong Shanghai exchange link-up fall flat.

The yen made some minor gains against the dollar and euro after hitting multi-year lows, but with eyes on next month's general election analysts expect it to resume its downtrend.

Tokyo fell 0.85 percent and Sydney lost 0.16 percent while Hong Kong shed 0.17 percent. But Shanghai edged up 0.12 percent and Seoul put on 0.20 percent.

US shares ticked higher again Thursday on the back of more positive economic indicators.

A regional manufacturing index from the Federal Reserve Bank of Philadelphia surged unexpectedly, while the Conference Board's Leading Economic Index, an amalgamation of several key economic indicators, also improved. Also, US existing-home sales gained in October for the second straight month.

The figures are the latest showing the country is well on a strong recovery track, despite weaknesses in the Chinese, Japanese and eurozone economies.

The Dow climbed 0.19 percent and the S&P 500 gained 0.20 percent -- both hitting new peaks -- while the Nasdaq added 0.56 percent.

Regional investors started the week on the back foot with the release of data showing Japan had slipped back into recession after a sales tax hike in April put the clamps on consumer spending. The news led Prime Minister Shinzo Abe to put off another hike planned for next year and call a snap election for December.

The news also fuelled speculation the Bank of Japan will unveil fresh monetary easing measures -- just weeks after it ramped up its already vast bond-buying scheme on October 31 -- sending the yen diving.

However, in early Tokyo trade Friday the Japanese unit was mildly stronger after hitting a more than seven-year low against the dollar and six-year low against the euro.

The greenback bought 118.00 yen against 118.22 yen in New York Thursday, while the euro bought 148.03 yen compared with 148.25 yen.

The single currency was also at $1.2550 from $1.2540.

Traders in Hong Kong and Shanghai largely brushed off the start this week of the Connect dealing tie-up that for the first time opened the mainland's markets to the international community, albeit on a limited scale.

On the launch day Hong Kong investors had exhausted their daily allowance of Shanghai shares two hours before the close, but mainlanders were less keen -- using up less than a fifth of their quota by the end of trade.

And interest faded throughout the week as investors, who were also spooked by more soft Chinese economic data, stayed on the sidelines.

On oil markets US benchmark West Texas Intermediate for January delivery rose 59 cents to $76.44 while Brent crude for January gained 53 cents to $79.86.

Gold was at $1,193.60 an ounce, compared with $1,195.791 late Thursday.

Copyright AFP (Agence France-Presse), 2014

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parvezjabri@yahoo.com (Parvez Jabri) Asia Fri, 21 Nov 2014 03:56:59 +0000
Palm down more as Malaysian exports weaken http://www.brecorder.com/markets/commodities/asia/206067-palm-down-more-as-malaysian-exports-weaken.html http://www.brecorder.com/markets/commodities/asia/206067-palm-down-more-as-malaysian-exports-weaken.html imageJAKARTA: Malaysian palm oil weakened further on Thursday after export data from the world's second-largest producer and declines in competing bean oil markets weighed on prices, but a weaker ringgit provided some support.

"The weak ringgit, that would encourage exports, but the first 20 days export figure came out and it's not what was expected, it was down," said a trader with a foreign commodities brockerage in Kuala Lumpar.

Exports of Malaysian palm oil products for Nov. 1-20 fell 6.4 percent to 837,659 tonnes from 894,697 tonnes for Oct. 1-20, cargo surveyor Intertek Testing Services said on Thursday.

The ringgit continued its decline, edging down 0.18 percent on Thursday, and has lost 6.8 percent against the dollar since the beginning of September. A weaker ringgit makes palm oil more attractive to international buyers.

The benchmark February contract on the Bursa Malaysia Derivatives Exchange ended down 0.98 percent on Thursday at 2,223 ringgit ($660.62) per tonne.

Total traded volume stood at 36,165 lots of 25 tonnes, just above the average 35,500 lots. Declines in competing bean oils also dragged palm prices lower.

"Now the e-board is trading down on the bean oil, and the e-board on the soy bean oil is down a bit. Coupled with the export figures from ITS, the market is under pressure," the trader told Reuters, referring to the markets' electronic trading boards.

The US soyoil contract for December eased 0.43 percent on Thursday, while the most active May soybean oil contract on the Dalian Commodities Exchange edged down 0.95 percent.

Technicals showed palm oil may drop to 2,213 ringgit per tonne, as indicated by its wave pattern and a Fibonacci projection analysis, said Reuters market analyst Wang Tao.

In other markets, Brent crude oil steadied above $78 a barrel on Thursday as reports that oil producers would agree to cut output next week offset weak economic data from China and Europe.

Copyright Reuters, 2014

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imad_kueconomist@yahoo.com (Imaduddin) Asia Thu, 20 Nov 2014 16:09:40 +0000
Asian rubber producers agree to manage exports to fight oversupply http://www.brecorder.com/markets/commodities/asia/206018-asian-rubber-producers-agree-to-manage-exports-to-fight-oversupply.html http://www.brecorder.com/markets/commodities/asia/206018-asian-rubber-producers-agree-to-manage-exports-to-fight-oversupply.html imageKUALA LUMPUR/SINGAPORE: Top Asian rubber producers have agreed to "manage" exports to international markets to curb excess supply, although analysts said the step would have little impact on battered prices without a robust pickup in demand.

Benchmark rubber prices have fallen a quarter this year, standing just above five-year lows plumbed last month amid a supply glut deepened by a slowing economy in top consumer China.

Thailand, Indonesia and Malaysia, which produce nearly 70 percent of the world's natural rubber, have also agreed not to expand new rubber planting areas beyond targets set earlier and to boost domestic rubber consumption by 10 percent annually, according to a joint statement issued on Thursday.

Malaysian plantation industries minister Douglas Uggah Embas, who held a media briefing after a meeting of producers in Kuala Lumpur, declined to give further details on the measures, including how the three countries aim to manage exports.

Thailand, Indonesia and Malaysia - which form the International Rubber Consortium - in 2012-13 collectively cut exports by 300,000 tonnes, or roughly 3 percent of 2012 global output. The intervention only briefly supported prices and Indonesia called for the pact to be discontinued.

"(The new steps) can support but they cannot boost prices because only growth in demand can do that," said Gu Jiong, an analyst at Yutaka Shoji Co in Tokyo.

"The biggest market is China and demand growth there is getting smaller because the economy is slowing."

Rubber associations from Thailand to Cambodia have this year urged producers not to sell the commodity below a minimum price of $1.50 per kg, while top producer and exporter Thailand later approved a subsidy plan worth around $1.8 billion to support farmers.

Those measures helped global rubber prices recover from their lowest levels since 2009, but they have remained under pressure from slower Chinese demand, forcing many farmers in Asia to abandon tapping in favour of more lucrative jobs.

The most-active rubber contract for April delivery on the Tokyo Commodity Exchange traded at 206 yen ($1.74) per kg

Copyright Reuters, 2014

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imad_kueconomist@yahoo.com (Imaduddin) Asia Thu, 20 Nov 2014 12:37:07 +0000
Great apes facing 'direct threat' from palm oil farming http://www.brecorder.com/markets/commodities/asia/205963-great-apes-facing-direct-threat-from-palm-oil-farming.html http://www.brecorder.com/markets/commodities/asia/205963-great-apes-facing-direct-threat-from-palm-oil-farming.html imageKUALA LUMPUR: The destruction of rainforests in Southeast Asia and increasingly in Africa to make way for palm oil cultivation is a "direct threat" to the survival of great apes such as the orangutan, environmentalists warned Thursday.

They said tropical forests were continuing to tumble at a rapid rate, with palm plantations a key driver, despite a decade-old drive by the industry's Roundtable on Sustainable Palm Oil (RSPO) to encourage sustainable cultivation.

The concerns were voiced on the sidelines of the annual meeting of the RSPO, held this year in Malaysia and which concluded Thursday.

"Orangutan and ape habitats are being destroyed," said Doug Cress, Kenya-based programme coordinator with the UN Environment Programme's great ape protection campaign.

"The destruction of rainforest in Southeast Asia and increasingly now in Africa is a direct threat to the great apes."

In Southeast Asia alone, up to one million hectares of forest -- nearly the size of Jamaica -- is lost annually to agricultural expansion like palm oil, said Adam Harrison, agriculture policy specialist with WWF.

"(Land clearing for plantations) has been high. Some of them are in high-quality forests which will have an impact on climate change," he said.

The problem is most acute in leading palm oil producers Malaysia and Indonesia, which account for 85 percent of world production, conference participants said.

But it is now also a looming threat in even more poorly regulated Africa, where the industry is set to "explode", according to Cress.

Versatile and cheaply farmed, palm oil is derived from the fruit of the oil palm.

Its use has skyrocketed in recent years and it is now a key ingredient in a vast range of every-day products, from lipstick to instant noodles, shampoo and ice cream.

The RSPO, bringing together stakeholders including producers, end-user manufacturers, and environmental groups, was formed in 2004 as concern over the ecological impact of mushrooming palm cultivation took off.

It seeks to promote production that is environmentally sustainable and respects native land rights, but the organisation's efficacy has increasingly been questioned as forest destruction has continued.

Palm plantations, along with other drivers of deforestation, have been linked to the destruction of habitats critical to endangered species such as orangutan, Asian rhinos and tigers.

Harrison cited as an example Tesso-Nilo National Park in Indonesia, which was set aside as a preserve for tiger and elephant habitats.

"Half of the national park was cleared for palm oil by small-holders. The small-holders then sold the fruits to RSPO members. This is unacceptable," he said.

Harrison said if deforestation continued at current rates, tiger and elephant populations in Southeast Asia could be wiped out within in a decade.

Copyright AFP (Agence France-Presse), 2014

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parvezjabri@yahoo.com (Parvez Jabri) Asia Thu, 20 Nov 2014 09:41:35 +0000