07242016Sun
Last update: Sun, 24 Jul 2016 01pm

Asia

Markets - Commodities - Asia

China's iron ore imports hit record high in 2014 SHANGHAI: China's iron ore imports hit a fresh record in 2014, jumping 13.8 percent to 932.5 million tonnes, data showed on Tuesday, as lower-cost shipments from global miners flooded into the world's top consumer. In December, iron ore shipments jumped 29 percent from the previous month to a record 86.85 million tonnes, according to data from the General Administration of Customs, as steel mills replenished stockpiles in the winter season.With big iron ore miners sticking to their expansion plans, increasing supplies have slashed prices for the steel making raw material at a time when easing economic growth in China is leading to slower demand growth for commodities. Tumbling prices have forced some high-cost Chinese miners to shut down and encouraged Chinese steel mills to increase imports, analysts say, likely leading to further rises in imports. "Lower-cost iron ore resources overseas have led to surging imports and squeezed higher-cost domestic iron ...

Markets - Commodities - Asia

China's Dec coal imports jump but 2014 sees first drop in a decade SHANGHAI: Coal imports to China, the world's largest buyer, jumped by nearly a third in December compared with November to the second-highest level this year as rising domestic prices encouraged end-users to ramp up orders for cheaper overseas coal.However, total imports for 2014 slumped 10.9 percent compared with 2013, the first annual decline in at least a decade.That sharp fall, which came after years of robust double-digit growth, stemmed from a severe supply glut at ...

Markets - Commodities - Asia

Shanghai copper to fall to 42,730 yuan SINGAPORE: Shanghai copper is expected to drop to 42,730 yuan per tonne, as it has broken a support at 43,690 yuan.The support was provided by the 76.4 percent Fibonacci projection level of a downward wave C, which started at 46,810 yuan, an hourly chart high touched on Dec. 15.The next support will be at 42,730 yuan, the 100 percent projection level.This wave has a fierce character and may extend beyond 42,730 yuan.A rise to 43,810 ...

Markets - Commodities - Asia

Palm oil to retrace to 2,299 ringgit SINGAPORE: Palm oil may retrace more to 2,299 ringgit per tonne, as it has broken a support at 2,349 ringgit. The support was provided by the 61.8 percent Fibonacci projection level of an upward wave C, the third wave of a three-wave cycle that developed from the Sept. 2, 2014 low of 1,914 ringgit. Working together with this support is another one at 2,345 ringgit, the Nov. 3, 2014 high. Even these two supports failed ...

Markets - Commodities - Asia

Gold climbs to 12-week high as oil and equities drop SINGAPORE: Gold extended gains on Tuesday to climb to its highest since October, boosted by safe-haven demand triggered by a continued slump in oil prices and weakness in some equities markets.Asian stocks were mostly firmer on Tuesday after benign Chinese economic data, but concerns lingered, with oil trading close to its lowest in nearly six years.Weaker oil prices tend to hurt gold as they reduce the need for the precious metal as a hedge against ...

Markets - Commodities - Asia

CBOT soybeans to end fall around $10.11-3/4 SINGAPORE: CBOT soybeans March contract may end its current fall around support at $10.11-3/4 per bushel and then rise towards $10.26.The support is identified as the 86.4 percent Fibonacci retracement on the rise from $10.04, an hourly chart low touched on Jan. 2, to the Jan. 12 high of $10.61-1/2. This support is very near the trendline of a wedge, which is expected to be a bullish continuation pattern.The 76.4 percent level at $10.17-1/2 works ...

Markets - Commodities - Asia

Soybeans tick up after sell-off, corn gains for third day SINGAPORE: Chicago soybeans edged higher on Tuesday as the market steadied after suffering its biggest one-day decline since June because of expectations of record production in South America. Corn rose for a third consecutive day, buoyed by the US Department of Agriculture's estimate of tighter domestic supplies, while wheat ticked up after sliding in the previous session to its lowest level since Nov. 25. Chicago Board of Trade March soybeans rose 0.4 percent to $10.20-1/2 ...