Wednesday, 23 November 2011 13:52
Posted by Imaduddin
SINGAPORE: Malaysian palm oil futures dipped on Wednesday as weak manufacturing survey data from China and a downward revision of US GDP figure stoked worries about a slowing global growth.
Gloomy economic climate pushed palm oil futures lower for a third day although losses were capped by favourable fundamentals such as supply that was starting to tighten on erratic weather.
Palm oil jumped nearly 20 percent from an October low of 2,754 ringgit and has eased a little on euro zone debt crisis and concerns that the recent run-up was over done.
"The market was expecting some correction due to the past rise. Technically a correction at this point would be seen as something healthy for the market," said a trader with a foreign commodities brokerage in Kuala Lumpur.
"The fundamentals, such as the weather, haven't changed and are still strong. Exports seem to be good too," he added.
By the midday break, ...
612
SINGAPORE: Malaysian palm oil futures dipped on Wednesday as weak manufacturing survey data from China and a downward revision of US GDP figure stoked worries about a slowing global growth.
Gloomy economic climate pushed palm oil futures lower for a third day although losses were capped by favourable fundamentals such as supply that was starting to tighten on erratic weather.
Palm oil jumped nearly 20 percent from an October low of 2,754 ringgit and has eased a little on euro zone debt crisis and concerns that the recent run-up was over done.
"The market was expecting some correction due to the past rise. Technically a correction at this point would be seen as something healthy for the market," said a trader with a foreign commodities brokerage in Kuala Lumpur.
"The fundamentals, such as the weather, haven't changed and are still strong. Exports seem to be good too," he added.
By the midday break, ...
SINGAPORE: Copper edged lower on Wednesday, giving up early gains, after data showing factory activity in China falling to its lowest in 32 months renewed worries about demand in the world's biggest copper user at a time when developed economies are struggling.
But hopes that the disappointing data may push Beijing to relax monetary policy, which would eventually boost the country's demand for raw materials, helped cap copper's losses.
The HSBC flash manufacturing purchasing managers' index, the ...
SINGAPORE: A bearish target at $5.72-1/4 has been established for CBOT December corn as it has broken below a support at $5.94-1/2 per bushel.
The support is the 76.4 percent Fibonacci retracement on the rise from $5.72-1/4 to $6.66, and its failure to stop the current downtrend that started at the Nov. 9 high of $6.66 has made the Oct. 3 low a possible target.
Resistance is at $6.01, a rise above which will confirm a small ...
KUALA LUMPUR: Commodities fell in Asia, led by crude oil, after China's slowing manufacturing industry heightened concerns that Europe's sovereign debt crisis is spreading, sapping demand for fuel and metals.
Data showing the US economy, the world's largest, grew at a slower than expected rate in the third quarter also added to the gloomy outlook, especially weighing on crude oil futures.
Brent crude fell below $108 a barrel, declining for five out of the last six sessions. ...
SINGAPORE: Malaysian palm oil will fall more to 3,092 ringgit per tonne, as indicated by a double-top pattern and a Fibonacci retracement analysis.
The pattern has been confirmed, as its neckline support at 3,180 ringgit was broken below.
Based on the price difference between the top at 3,270 ringgit and the neckline at 3,180 ringgit, a measured target has been pinpointed at 3,092 ringgit, the 50 percent Fibonacci retracement on the rise from 2,914 ringgit to ...
SINGAPORE: Spot gold is expected to end the current weak rebound at around $1,715 per ounce, and drop to the Nov. 21 low of $1,665.88.
The rebound is labelled as a wave "4", which is a part of a five-wave cycle that started at the Nov. 8 high of $1,802.60, and upon its completion, a downward wave "5" will follow.
A Fibonacci retracement on the fall from $1,795.66 to $1,665.88 reveals a resistance at $1,715, the 38.2 ...
SINGAPORE: A bearish target at $2,029 per tonne is unchanged for LME aluminum, as it is riding on a downward wave (3)-3.
This wave will unfold towards the 161.8 percent Fibonacci projection level, based on the length of the wave (1) and the peak of the wave (2) at $2,165.
The metal has broken twice below a support at $2,077.75, provided by the lower trendline of a triangle, significantly increasing the chance of a further fall to ...
