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Shanghai copper may revisit high of 51,580 yuan SINGAPORE: Shanghai copper may rise to its July 4 high of 51,580 yuan per tonne, as it has pierced above a resistance at 50,490 yuan.The resistance is provided by the 23.6 percent Fibonacci retracement on the rise from the June 9 low of 46,940 yuan to the July 21 low of 49,190 yuan.Copper's strong recovery from this low suggest a resumption of the uptrend. The previous assumption on the reversal of the uptrend seems to be doubtful.The next resistance will be at 51,580 yuan, a break above which will lead to a further gain to 53,060 yuan, the 100 percent Fibonacci projection level of an upward wave C.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 ...

Tokyo futures slip on higher yen, investors focus on China data TOKYO: Tokyo rubber futures slipped on Wednesday as the yen moved higher against the U.S. dollar and as investors were reluctant to lock in fresh positions ahead of HSBC's PMI data for China, dealers said.The Tokyo Commodity Exchange rubber contract for December delivery dropped 0.7 yen, or 0.3 percent, to settle at 201.6 yen ($1.99) per kg, erasing earlier gains."The market came under pressure after the yen strengthened a bit in the afternoon trade," Toshitaka ...
Palm falls to more than 11-month low; global oilseed supply weighs KUALA LUMPUR: Malaysian palm oil futures slid to their lowest in more than 11 months on Wednesday, dragged by fears of abundant global oilseed supplies, and as estimates for an uptick in palm oil output this month turned investors wary.The benchmark October contract on the Bursa Malaysia Derivatives Exchange fell to 2,247 ringgit in late trade, a level last seen on Aug. 12, 2013, before settling at 2,254 ringgit ($712) per tonne by the day's ...
CBOT wheat still targets $4.99-3/4 SINGAPORE: A bearish target at $4.99-3/4 per bushel remains unchanged for CBOT September wheat, as it has cleared a support at $5.32-1/4.The support was provided by the 76.4 percent Fibonacci projection level of a downward wave c, which started at the June 9 high of $6.37-3/4. This wave is capable of travelling to $4.99-3/4, its 100 percent projection level.Resistance is at the July 22 high of $5.36-3/4, a rise above which could signal a reversal ...
Shanghai copper to end rebound below 50,490 yuan SINGAPORE: Shanghai copper may end its current rebound from the July 21 low of 49,190 yuan below a resistance at 50,490 yuan per tonne, as it has become weak after clearing a lower resistance at 49,810 yuan.The higher resistance is provided by the 23.6 percent Fibonacci retracement on the rise from the June 9 low of 46,940 yuan to the July 4 high of 51,580 yuan, and the lower resistance by the 38.2 percent level.The ...
Philippines sets tender to buy additional 500,000 tonnes rice MANILA: The Philippines will import an additional 500,000 tonnes of rice to beef up stockpiles after a typhoon damaged standing crops last week, a senior government official said on Wednesday. The deal could boost export prices of the grain in Vietnam, the Philippines' traditional supplier. The Philippines, one of the world's biggest rice buyers, will import more after a series of deals with Vietnam involving a total of 1.5 million tonnes that began last November. ...
LME copper to retrace to $6,960 SINGAPORE: LME copper may retrace to its July 18 low of $6,960 per tonne, as a correction from the July 8 high of $7,212 may have only partially completed. The correction may consist of three waves, of which, only two have unfolded so far. The third, labelled c, could be progressing towards $6,960. Strategically, this level should be targeted when copper drops below support at $7,019, the 23.6 percent Fibonacci retracement on the fall from ...


Index Closing Chg%
Arrow DJIA 16,960.57 0.72
Arrow Nasdaq 4,449.56 0.50
Arrow S&P 1,978.34 0.48
Arrow FTSE 6,791.55 0.44
Arrow DAX 9,644.01 1.53
Arrow CAC-40 4,330.55 1.82
Arrow Nikkei 15,457.87 1.13
Arrow H.Seng 24,216.01 0.31
Arrow Sensex 26,126.75 0.55

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