06262016Sun
Last update: Sun, 26 Jun 2016 05am

Asia

Markets - Commodities - Asia

Dalian iron ore hits 5-week high as 'oversold' steel prices recover MANILA: Chinese iron ore futures rallied to a five-week peak on Thursday, riding on the strength of steel prices that traders thought were oversold as market participants anticipated the seasonal lull from June onwards. Low steel inventory among traders also supported prices. That could keep production high among Chinese mills, ensuring demand for raw material iron ore."Steel got oversold in May because people pre-empted the (summer) lull," said a Shanghai-based trader."I think demand will be stable or weaken slightly in July, but from August onwards, I see demand going up."Construction activity in China typically slows during the summer months from June through August, before picking up again as the weather cools.The most-traded rebar, a construction steel product, on the Shanghai Futures Exchange closed up 1.2 percent at 2,141 yuan ($325) a tonne, after hitting a one-week high of 2,161 yuan earlier.After a five-month rally, the contract fell more than 20 ...

Markets - Commodities - Asia

NY sugar's target at 18.73 cents unchanged SINGAPORE: A bearish target at 18.73 cents per lb remains unchanged for New York July sugar, as suggested by a Fibonacci retracement analysis.The analysis is on a five-wave cycle from the May 25 low of 16.42 cents to the June 16 high of 20.15 cents. It reveals sugar has broken a support at 19.27 cents, the 23.6 percent level. The next support will be at 18.73 cents, the 38.2 percent level.A sudden surge above a ...

Markets - Commodities - Asia

Japan buys 119,988 tonnes food wheat via tender TOKYO: Japan's Ministry of Agriculture bought a total of 119,988 tonnes of food quality wheat from the United States, Canada and Australia in a regular tender, that closed late on Thursday.Japan, the world's sixth-biggest wheat importer, keeps a tight grip on imports of the country's second most important staple after rice, and buys a majority of the grain for milling via tenders typically issued thrice a month.Copyright Reuters, 2016 ...

Markets - Commodities - Asia

South Korea's KOMIPO seeks up to 80,000 tonnes coal for Sept SEOUL: South Korea's Korea Midland Power Co Ltd (KOMIPO) is seeking up to 80,000 tonnes of anthracite coal for September shipping via a spot tender, the utility said on its website.The tender will close at 2 p.m. (0500 GMT) on June 30, 2016 and North Korean and Chinese coal will be excluded, it said.Copyright Reuters, 2016 ...

Markets - Commodities - Asia

South Korea's FLC bought 130,000 tonnes corn in private deals HAMBURG: South Korea's Feed Leaders Committee (FLC) purchased 130,000 tonnes of yellow corn in two private, non-tender deals late on Wednesday, European traders said on Thursday. The corn can be sourced from any origin worldwide but was expected to come from the Black Sea region, traders said.Some 65,000 tonnes was purchased at $209.50 a tonne c&f plus a $1.25 a tonne surcharge for additional port unloading, they said.It was for shipment for Sept. 21-Oct. 10 ...

Markets - Commodities - Asia

Spot gold still targets $1,252 SINGAPORE: Spot gold still targets $1,252 per ounce, as suggested by its wave pattern and a Fibonacci retracement analysis.A five-wave cycle from the Dec. 3, 2015 low of $1,045.85 has completed, and gold has moved into a short-term correction phase. Over the next one or two weeks, it could retrace into the range of $1,181-$1,213, formed by the 50 percent and the 38.2 percent retracements on the uptrend from $1,045.85 to the June 16 high ...

Markets - Commodities - Asia

LME aluminium's target at $1,648 intact SINGAPORE: LME aluminium may take a longer time to reach a target at $1,648 per tonne, as it seems to have lost its momentum after breaking above the resistance at $1,624.The resistance was provided by the 86.4 percent Fibonacci projection level of an upward wave C, the third wave of a three-wave cycle from the Nov. 23, 2015 low of $1,432.50. The next resistance will be at $1,648, the 100 percent level.So long as the ...