07292016Fri
Last update: Fri, 29 Jul 2016 07pm

Asia

Markets - Commodities - Asia

Spot gold may retest support at $1,313 SINGAPORE: Spot gold may retest a support at $1,313 per ounce, as its bounce caused by this barrier could have more or less completed. The support is provided by the 50 percent Fibonacci retracement on the rise from the June 24 low of $1,251.16 to the July 11 high of $1,374.91. Gold seems to have lost its bullish momentum after approaching a resistance at $1,335, the 38.2 percent Fibonacci retracement on the fall from $1,374.91 to the July 21 low of $1,310.56.Chances are the bounce may end around $1,335 and the downtrend could resume, as based on a double-top forming around $1,375, gold is expected to fall to $1,298, the 61.8 percent retracement.Copyright Reuters, 2016 ...

Markets - Commodities - Asia

Shanghai copper biased to break resistance at 38,670 yuan SINGAPORE: Shanghai copper is biased to break a resistance at 38,670 yuan per tonne, and rise more towards the next resistance at 39,590 yuan, as its consolidation in the neutral range of 37,940-38,670 yuan could be ending.For a chart: http://tmsnrt.rs/29PtkahThese resistances are identified respectively as the 61.8 percent and the 76.4 percent Fibonacci projection levels of an upward wave C, the third wave of a three-wave cycle from the Nov. 24, 2015 low of 33,150 ...

Markets - Commodities - Asia

Palm eases from 2-week high, strong demand limits losses SINGAPORE: Malaysian palm oil edged lower on Friday, taking a breather after climbing to a two-week high in the last session, although expectations of strong demand for the vegetable oil kept a floor under the market.The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange lost 0.7 percent to 2,337 ringgit ($574.9) a tonne by the midday break. On Thursday, it climbed to 2,368 ringgit, highest since July 5.Volumes stood at 14,116 lots at ...

Markets - Commodities - Asia

Palm oil hits two-week top, further gains seen on strong demand SINGAPORE: Malaysian palm oil futures extended gains on Thursday, climbing to the highest in more than two weeks with prices underpinned by strong demand of the vegetable oil.A weaker Malaysian ringgit, which makes palm oil cheaper for importers holding other currencies, also fuelled gains in prices of the tropical oil, traders said.The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange closed up 0.3 percent at 2,353 ringgit ($582.70) a tonne.Earlier in the session, ...

Markets - Commodities - Asia

China June sugar imports up 54pc on lower prices BEIJING: China, the world's top sugar buyers, imported 369,189 tonnes of raw sugar in June, up 54 from the same period a year earlier and much more than prior months as low global prices attracted customers. Imports for the first six months, however, were down 43 percent to 1.3 million tonnes year-on-year, customs data showed on Thursday.China's sugar imports hit a record in 2015 but have slowed this year as global prices climbed. Strong inflows ...

Markets - Commodities - Asia

Shanghai rebar, iron ore futures rally after heavy losses SHANGHAI: Chinese steel futures surged more than 5 percent on Thursday after three straight days of losses, lifted by a spike in spot prices and supported by a technical correction. Spot prices of some steel products in a key producing region of Tangshan in northern China rose by 80 yuan ($11.98) a tonne, traders said, lifting the futures markets.October prices for benchmark construction material rebar on the Shanghai Futures Exchange surged 5.5 percent to a ...

Markets - Commodities - Asia

Palm oil rises to two-week high on exports data, fall in ringgit JAKARTA: Malaysian palm oil futures extended gains, touching a two-week high on Wednesday on improving demand amid expectations of further weakness in the ringgit.Benchmark palm oil futures on the Bursa Malaysia Derivatives Exchange finished 1.9 percent higher at 2,347 ringgit ($583), after touching a two-week high of 2,354 ringgits earlier in the session.Palm has seen consistent gains in the past week after hitting a 10-month low early last week."We are seeing good buying interest both ...