05012016Sun
Last update: Sun, 01 May 2016 03am

Asia

Markets - Commodities - Asia

Spot gold may test resistance at $1,250 SINGAPORE: Spot gold may test a resistance at $1,250 per ounce, a break above which could lead to a gain to the next resistance at $1,267. These resistances are identified respectively as the 14.6 percent and the 7 percent Fibonacci retracements on the uptrend from the Dec. 31, 2015 low of $1,058 to the March 11 high of $1,282.51.Wave pattern suggests that the metal is riding on a wave (5), the fifth wave of a five-wave cycle from the Dec. 17, 2015 low of $1,047.25. It may extend above $1,282.51.Support is at $1,230, the 23.6 percent level, a break below which could cause a loss to the April 1 low of $1,208.45.Copyright Reuters, 2016 ...

Markets - Commodities - Asia

LME aluminium neutral in $1,632-$1,659 range SINGAPORE: LME aluminium looks neutral in a range of $1,632-$1,659 per tonne, and an escape will point a direction. The range is formed by the 186.4 percent and the 223.6 percent Fibonacci projection levels of an upward wave 3, the third wave of a five-wave cycle from the March 24 low of $1,475.This wave seems to be incomplete, as it may eventually travel to $1,687, the 261.8 percent level. However, to reach this target, the ...

Markets - Commodities - Asia

Shanghai copper neutral in 37,510-38,100 yuan range SINGAPORE: Shanghai copper looks neutral in a range of 37,510-38,100 yuan per tonne, and an escape could point a direction.The range is formed by the 61.8 percent and the 38.2 percent Fibonacci retracements on the rise from 36,570 yuan, an hourly chart low touched on April 18 and the April 25 high of 39,040 yuan.A break above 38,100 yuan could lead to a gain to the 23.6 percent level at 38,460 yuan. However, the bias ...

Markets - Commodities - Asia

Palm oil still targets 2,697 ringgit SINGAPORE: Palm oil still targets 2,697 ringgit per tonne, as it has stabilised in a support zone of 2,644-2,668 ringgit. The zone is formed by the 7 percent and the 14.6 percent Fibonacci projection levels of an upward wave c, the third wave of a three-wave cycle from the March 3 low of 2,470 ringgit.A trendline rising from the March 3 low of 2,470 ringgit also provides a support around 2,650 ringgit. These three supports ...

Markets - Commodities - Asia

Corn rises for 2nd day as rain seen delaying US planting SINGAPORE/PARIS: Chicago corn futures rose for a second session on Tuesday as prices remained underpinned by forecasts of rains which could delay the rapid pace of planting in the US Midwest.Soybeans gained more ground as funds continued to buy agricultural commodities on worries over South American supply.Chicago Board Of Trade most-active corn contract rose 0.5 percent to $3.83-3/4 a bushel by 1255 GMT, adding to a 1.7 percent gain in the previous session.Wheat was up ...

Markets - Commodities - Asia

Vietnam coffee sales may slow ahead; April shipments jump HANOI: Vietnam's coffee exports may slow after rising in April as traders hold back to assess the impact of the current drought on the crop and exporters curb sales in anticipation of further price gains, traders said on Tuesday.The ICE robusta July contract surged to an intraday high of $1,602 a tonne on April 21, the highest since Dec. 10, 2015, after a Vietnamese industry official forecast the country's 2016 exports will fall to 1 ...

Markets - Commodities - Asia

TOCOM ends up after hitting near nine-month high TOKYO: Benchmark Tokyo rubber futures ended up on Tuesday after hitting a near nine-month high, supported by recovery in oil prices, but the gains were limited due to a slightly stronger yen against the dollar.Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, has been gaining momentum recently amid hopes for improved demand from top consumer China.Farmers in the Central Highlands coffee belt have been hit by the ...