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 Fri, 31 Oct 2014 07:45:28 +0000 SRA Framework 2.0 en-gb CBOT corn may retest resistance at $3.80 http://www.brecorder.com/markets/commodities/asia/202659-cbot-corn-may-retest-resistance-at-$380.html http://www.brecorder.com/markets/commodities/asia/202659-cbot-corn-may-retest-resistance-at-$380.html imageSINGAPORE: CBOT Dec. corn may retest resistance at $3.80 per bushel, a break above which will open the way towards $3.93-1/4.

The resistance is provided by the 23.6 percent Fibonacci retracement on the fall from the June 19, 2013 high of $5.80 to the Oct. 1 low of $3.18-1/4. The next resistance will be at $3.93-1/4, the 38.2 percent Fibonacci retracement on a shorter downtrend from the May 9 high of $5.14-3/4 to $3.18-1/4.

A further drop from the current level may be limited to $3.64-1/2, the 23.6 percent retracement on the shorter trend.

Wang Tao is a Reuters market analyst for commodities and energy technicals. 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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rocking.saad.jabri@gmail.com (Saad Jabri) Asia Fri, 31 Oct 2014 07:29:38 +0000
Gold languishes near $1,200; set for worst week in seven http://www.brecorder.com/markets/commodities/asia/202639-gold-languishes-near-$1200;-set-for-worst-week-in-seven.html http://www.brecorder.com/markets/commodities/asia/202639-gold-languishes-near-$1200;-set-for-worst-week-in-seven.html imageSINGAPORE: Gold was struggling near $1,200 an ounce on Friday and looked likely to post its worst week in seven, while silver was stuck near its lowest in 4-1/2 years, as strong US economic data and fears of an early rate hike curbed the metals' appeal.

Gold was also headed for its second monthly decline and silver looked set for a fourth monthly drop in a row.

FUNDAMENTALS

Spot gold was little changed at $1,200.12 an ounce by 0038 GMT. The metal fell 1 percent on Thursday, when it also touched its lowest since Oct. 6 at $1,195.70.

Silver was also steady after a near 4 percent drop in the previous session, when it fell to $16.30 - its lowest since early 2010.

Data on Thursday showed that a smaller trade deficit and surge in defense spending buoyed US economic growth in the third quarter. Gross domestic product grew at a higher-than-expected annual pace of 3.5 percent.

Bullion was also hurt after the Federal Reserve said earlier in the week that it would end its monthly bond purchases and largely dismissed financial market volatility, a slowdown in Europe and a weak inflation outlook as factors that might undercut progress towards its unemployment and inflation goals.

The comments and the strong economic data dulled gold's appeal as a hedge, as equities and dollar remained firm.

Gold is down about 1 percent in October - its second monthly drop in a row, while silver has lost nearly 3 percent.

Reflecting bearish sentiment, SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.16 percent to 741.20 tonnes on Thursday, a six-year low.

Elsewhere, China is investigating a surge in precious metals exports in September, China Business News reported on its website on Thursday, in a sign of suspected irregularities in trade numbers.

Copyright Reuters, 2014

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rocking.saad.jabri@gmail.com (Saad Jabri) Asia Fri, 31 Oct 2014 05:59:59 +0000
Soymeal eyes biggest monthly gain since 2008 on tight supply http://www.brecorder.com/markets/commodities/asia/202637-soymeal-eyes-biggest-monthly-gain-since-2008-on-tight-supply.html http://www.brecorder.com/markets/commodities/asia/202637-soymeal-eyes-biggest-monthly-gain-since-2008-on-tight-supply.html imageSINGAPORE: Chicago soymeal rose more than 1 percent on Friday, stretching its monthly climb in October to the biggest since June 2008, boosted by record export demand and railroad congestion.

Soybeans added 0.6 percent, trading near a seven-week peak, while corn was largely unchanged after rising to its highest since July 18 in the last session.

FUNDAMENTALS

Soybean, soymeal, corn and wheat futures are on track to end October with strong gains. Soymeal has added more than a quarter to its value this month, the most since June 2008, while soybeans are up nearly 13 percent, the most since July 2012.

Corn climbed more than 16 percent in October, its biggest monthly climb in more than two years, while wheat has added almost 13 percent after dropping by a similar amount in September.

The market was expecting grain and oilseed prices to remain under pressure on expectations of record-large crops in the United States, but delays in harvest due to wet weather, slow farmer selling and fund buying have driven prices away from multi-year lows since the beginning of October.

The slow pace of crop sales by farmers that has hurt two of the world's biggest grain traders will likely stretch into next year, the head of Bunge Ltd said on Thursday.

The forecast for sluggish sales from Chief Executive Officer Soren Schroder may mean that Bunge and agribusiness rivals, including Archer Daniels Midland Co and Cargill Inc, will continue to feel economic pressure from limited supplies despite massive grain harvests in the United States.

The International Grains Council on Thursday raised its forecast for the 2014/15 global wheat crop by 1 million tonnes to a record 718 million tonnes, and said global demand was forecast to increase quite strongly.

In a monthly update, the IGC said planting of 2015/16 winter crops was well advanced, with total area projected to rise by 1 percent year-on-year.

CME Group, owner of the Chicago Board of Trade, hiked margin requirements for soymeal futures late on Wednesday, making bets on the commodity more expensive.

Crop watchers have raised concerns that the massive harvest of soybeans in the United States may not contain enough protein for optimal soymeal production, forcing processors to scramble to find supplies suitable for crushing.

Russian wheat has returned to export markets after several weeks of absence thanks to a weak rouble and higher world prices, offering a bright spot for an economy hurt by Western sanctions and tumbling oil revenue.

Copyright Reuters, 2014

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rocking.saad.jabri@gmail.com (Saad Jabri) Asia Fri, 31 Oct 2014 05:50:47 +0000
LME copper to drop to $6,653 http://www.brecorder.com/markets/commodities/asia/202619-lme-copper-to-drop-to-$6653.html http://www.brecorder.com/markets/commodities/asia/202619-lme-copper-to-drop-to-$6653.html imageSINGAPORE: LME copper may fall more to $6,653 per tonne, driven by a wave (5).

This is the fifth wave of a five-wave cycle that developed from the Aug. 26 high of $7,108.75. It may travel to $6,530, the Oct. 17 low and the presumed trough of the preceding wave (3).

A Fibonacci retracement analysis on the fall from the Sept. 8 high of $7,052.25 to $6,530 reveals that copper has deeply pierced below a support at $6,729.50, the 38.2 percent level, the pullback towards which seems to be overdone.

The next support will be at $6,653, the 23.6 percent retracement, which is expected to be broken in due course, as well.

Wang Tao is a Reuters market analyst for commodities and energy technicals. 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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rocking.saad.jabri@gmail.com (Saad Jabri) Asia Fri, 31 Oct 2014 05:27:31 +0000
LME aluminium targets $2,063 http://www.brecorder.com/markets/commodities/asia/202599-lme-aluminium-targets-$2063.html http://www.brecorder.com/markets/commodities/asia/202599-lme-aluminium-targets-$2063.html imageSINGAPORE: LME aluminium may break a resistance at $2,029 per tonne and rise more to $2,063, as it approached this barrier again.

The resistance has been identified as the 61.8 percent Fibonacci retracement on the fall from the Sept. 8 high of $2,118 to the Oct. 2 low of $1,885. This resistance has triggered a shallow correction to the support at $2,002, the 50 percent level.

With the metal approaching $2,029 again, the uptrend seems to have resumed. A rise to $2,040 may signal a valid break above $2,029, and the next resistance at $2,063, the $76.4 percent level, will be targeted.

Wang Tao is a Reuters market analyst for commodities and energy technicals. 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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rocking.saad.jabri@gmail.com (Saad Jabri) Asia Fri, 31 Oct 2014 05:08:51 +0000
Shanghai copper to fall to 46,920 yuan http://www.brecorder.com/markets/commodities/asia/202597-shanghai-copper-to-fall-to-46920-yuan.html http://www.brecorder.com/markets/commodities/asia/202597-shanghai-copper-to-fall-to-46920-yuan.html imageSINGAPORE: Shanghai copper third month may break a support at 47,330 yuan per tonne and fall more to the next support at 46,920 yuan.

These two supports are provided by the 23.6 percent and the 14.6 percent Fibonacci retracements on the fall from the Aug. 25 high of 50,750 yuan to the Oct. 17 low of 46,270 yuan.

Wave pattern indicates the progress of a downward wave 5, towards 46,270 yuan. Strategically, the target at 46,920 yuan will only be targeted when copper drops below 47,330 yuan.

** Wang Tao is a Reuters market analyst for commodities and energy technicals. 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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rocking.saad.jabri@gmail.com (Saad Jabri) Asia Fri, 31 Oct 2014 05:07:00 +0000
Gold languishes below $1,200; silver tumbles to 4-1/2 year low http://www.brecorder.com/markets/commodities/asia/202590-gold-languishes-below-$1200;-silver-tumbles-to-4-12-year-low.html http://www.brecorder.com/markets/commodities/asia/202590-gold-languishes-below-$1200;-silver-tumbles-to-4-12-year-low.html imageSINGAPORE: Gold was struggling below $1,200 an ounce on Friday and looked set to post its worst week in seven, while silver tumbled to its lowest since early 2010, as strong US economic data and fears of an early rate hike curbed the metals' appeal.

Gold and silver were hit hard after data on Thursday showed that US gross domestic product came in at a higher-than-expected annual pace of 3.5 percent.

The metals were already facing some heat after the US Federal Reserve earlier in the week largely dismissed financial market volatility, a slowdown in Europe and a weak inflation outlook as factors that might undercut progress towards its unemployment and inflation goals.

The hawkish comments and the strong economic data dulled gold's appeal as a hedge, as equities and dollar firmed up.

"The strong GDP data combined with the Fed's hawkish stance has put a stop to gold's recent rally," said a Hong Kong-based precious metals trader. "People are looking to reduce the size of their bet now as $1,180 is likely to be the next target."

Spot gold was little changed at $1,198.35 an ounce by 0325 GMT. The metal fell 1 percent on Thursday, when it also touched its lowest since Oct. 6 at $1,195.70.

The metal is on track for a 2.6 percent drop this week, the biggest decline since the week ended Sept. 12.

Gold fell to a 15-month low of $1,183.46 earlier this month, but recovered on increasing fears over a global economic slowdown. It is now headed for a second straight monthly drop.

Silver fell to $16.28 on Friday - its lowest since early 2010. It fell nearly 4 percent in the previous session, and was poised for a fourth monthly drop in a row.

The $1,180-an-ounce level will be watched closely for gold as there is talk of large-scale stop loss orders sitting beneath that level, MKS Group said in a note on Friday.

Reflecting bearish sentiment, SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.16 percent to 741.20 tonnes on Thursday, a six-year low.

Gold failed to get any support from the physical markets, a factor that could likely push gold to further lows. Physical demand usually provides a floor to dropping prices.

Buyers in top consumer China failed to emerge despite the drop below $1,200.

Premiums on the Shanghai Gold Exchange - the main platform for physical trades in the country - slipped on Friday to less than $1 an ounce, occasionally even dropping to a discount against the global benchmark.

Copyright Reuters, 2014

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rocking.saad.jabri@gmail.com (Saad Jabri) Asia Fri, 31 Oct 2014 05:00:51 +0000
Palm oil still targets 2,340 ringgit http://www.brecorder.com/markets/commodities/asia/202589-palm-oil-still-targets-2340-ringgit.html http://www.brecorder.com/markets/commodities/asia/202589-palm-oil-still-targets-2340-ringgit.html imageSINGAPORE: A bullish target at 2,340 ringgit per tonne remains unchanged for palm oil as indicated by its wave pattern and a Fibonacci projection analysis.

Palm oil is riding on an upward wave C that developed from the Oct. 16 low of 2,104 ringgit. This wave has been disrupted by a resistance at 2,295 ringgit, the 61.8 percent Fibonacci projection level.

This wave, however, is so fierce that it may travel to 2,413 ringgit, its 100 percent projection level. The correction triggered by the resistance at 2,295 ringgit seems to be minor.

Strategically, a rise to the Oct. 30 high of 2,302 ringgit could confirm both a break above 2,295 ringgit and the target at 2,340 ringgit.

Wang Tao is a Reuters market analyst for commodities and energy technicals. 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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rocking.saad.jabri@gmail.com (Saad Jabri) Asia Fri, 31 Oct 2014 04:58:56 +0000
Vietnamese prices pick up; slow trade in Indonesia http://www.brecorder.com/markets/commodities/asia/202511-vietnamese-prices-pick-up;-slow-trade-in-indonesia.html http://www.brecorder.com/markets/commodities/asia/202511-vietnamese-prices-pick-up;-slow-trade-in-indonesia.html imageHANOI: Vietnamese coffee prices picked up this week in line with gains on global markets although trading was slow before the harvest peak next month, while thin stocks kept trading dull in Indonesia, traders said on Thursday.

The 2014/2015 crop harvest in Vietnam, the world's largest robusta producer, is expected to peak in two weeks.

Vietnam and Indonesia turn out about a quarter of the world's robusta.

"The most difficult thing for Vietnamese businesses now, when the new cr

op has started, is to be able to buy coffee," said Do Ha Nam, deputy chairman of the Vietnam Coffee and Cocoa Association.

Robustas edged up to 39,800-40,000 dong ($1.87-$1.88) per kg on Thursday but exporters said they were still unable to buy from farmers, who were reluctant to sell at any price below a peak of 42,400 dong per kg reached on Oct. 8. "If that situation of being unable to buy on domestic markets lasts another half a month, delays may emerge," Nam said.

Vietnam will avoid selling coffee at discounts larger than $100 a tonne to global prices under an agreement reached at a meeting of the Ho Chi Minh City-based G20, which groups the country's 20 largest export firms.

"Exporters have also agreed that they should not sign forward contracts to avoid market risks," said Nam, who also heads the G20 club.

Some exporters had sold at discounts of $100 a tonne when London robusta futures stood above $2,100 a tonne between Oct. 6 and 17, traders said.

London's January contract has since lost up to 8 percent, in line with falls on the arabica futures market on news of rain in Brazil, which will help the crop there.

On Wednesday the robusta contract settled up 0.9 percent at $2,042 a tonne.

On Thursday, discounts on Vietnamese robusta grade 2, 5 percent broken narrowed to $50-$70 a tonne to the January contract, for loading mostly in December/January, from discounts of $80-$90 per tonne a week ago.

Some foreign buyers bid at a discount of $80 a tonne, said Phan Hung Anh, deputy director of Anh Minh Co, a major private coffee exporter in Daklak, Vietnam's top growing province.

Futures and differentials usually move in opposite directions. The discounts priced Vietnamese beans at $1,960-$1,990 a tonne, free on board, up from $1,930-$1,980 a week ago.

In Indonesia, trade slowed because of thin stocks. Fresh beans to be loaded in 2015 have yet to be offered, traders said. Indonesia's Sumatran grade 4, 80 defect robusta beans were quoted at discounts of $70-$90 a tonne to London's January contract.

Last week the beans were quoted between a discount of $10 to a premium of $20 a tonne.

Indonesia's crop season peaked in June and new crop supplies should arrive from next April.

Copyright Reuters, 2014

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Asia Thu, 30 Oct 2014 12:45:56 +0000
TOCOM ends up 1.3pc; hits two-month high http://www.brecorder.com/markets/commodities/asia/202472-tocom-ends-up-13pc;-hits-two-month-high.html http://www.brecorder.com/markets/commodities/asia/202472-tocom-ends-up-13pc;-hits-two-month-high.html imageTOKYO: Benchmark Tokyo rubber futures ended up 1.3 percent on Thursday after touching a two-month high on the back of a weaker yen after the Federal Reserve surprised markets with a more hawkish policy tone and signalled its confidence in the U.S. economic recovery.

The Fed on Wednesday ended its monthly bond purchase programme and dropped a characterisation of U.S. labour market slack as "significant" in a show of confidence in the economy's prospects.

Against the yen, the greenback rose above 109 yen for the first time in 3-1/2 weeks.

The Tokyo Commodity Exchange (TOCOM) rubber contract for April delivery finished 2.5 yen higher at 202.0 yen per kg, after touching an intraday high of 204.9 yen, the highest since Aug. 26.

"There was a lot of short-covering on the front-month contract, which pushed other contracts higher along with it," said a Tokyo-based dealer who declined to be identified. "Thai producers and farmers would be very pleased with this."

The most-active rubber contract on the Shanghai futures exchange for January delivery fell 45 yuan to finish at 13,325 yuan per tonne.

The front-month rubber contract on Singapore's SICOM exchange for November delivery last traded at 159.20 U.S. cents per kg, down 0.8 cent.

Copyright Reuters, 2014

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imad_kueconomist@yahoo.com (Imaduddin) Asia Thu, 30 Oct 2014 09:42:43 +0000