07272016Wed
Last update: Wed, 27 Jul 2016 12pm

Asia

Markets - Commodities - Asia

LME aluminium may retest resistance at $1,686 SINGAPORE: LME aluminium may retest a resistance at $1,686 per tonne, a break above which could lead to a gain to the next resistance at $1,697.The resistance is provided by the April 29 high, it caused a correction which has ended around a support at $1,672, the 76.4 percent Fibonacci projection level of an upward wave c, which is the third wave of a presumed three-wave cycle from the June 2 low of $1,538.This wave is capable of extending to $1,697, the 100 percent level, which is also suggested as a target by a triangle forming between July 4 and July 12. A break below $1,672, now a support, could cause a loss to the 61.8 percent level at $1,657.Copyright Reuters, 2016 ...

Markets - Commodities - Asia

Shanghai copper may consolidate further in 37,940-38,670 yuan range SINGAPORE: Shanghai copper may consolidate further in a narrow range of 37,940-38,670 yuan per tonne before rising towards a resistance at 39,590 yuan, as indicated by its wave pattern and a Fibonacci projection analysis.The range is formed by the 50 percent and the 61.8 percent Fibonacci projection levels of an upward wave C, the third wave of a three-wave cycle from the Nov. 24 low of 33,150 yuan.This wave failed to break a resistance at ...

Markets - Commodities - Asia

Palm oil neutral in 2,182-2,266 ringgit range SINGAPORE: Palm oil looks neutral in a range of 2,182-2,266 ringgit per tonne, and an escape could point a direction.The range is formed by the 61.8 percent and the 38.2 percent Fibonacci projection levels of a downward wave c, the third wave of a three-wave cycle from the June 7 high of 2,677 ringgit.This wave may travel to 2,044 ringgit, its 100 percent projection level, if it is extended. It could also end around 2,182 ...

Markets - Commodities - Asia

Indonesian robusta coffee loses export opportunities as supplies tighten JAKARTA: Indonesia's robusta coffee exports have slowed due to tight supplies linked to El Nino and strong domestic demand, creating opportunities for rival producer Vietnam.Indonesia is the world's third-biggest producer of robusta after Vietnam and Brazil. From January-May 2016, Indonesian coffee exports dropped 40 percent compared with the same year ago period. The decline in Indonesian exports was due to less coffee being available after a late harvest that is expected to peak this month, ...

Markets - Commodities - Asia

Asia Coffee-Rising stocks push down Indonesia premiums HANOI: Rising stocks of fresh Indonesian coffee have pushed down premiums this week, bringing them closer to Vietnamese coffee that now stands at a discount to robusta futures prices, traders said on Thursday.The harvest has gathered pace in Indonesia, the world's third-largest robusta producer after Vietnam and Brazil, after the Muslim fasting month of Ramadan ended last week, boosting supplies of the bitter beans used mainly for soluble coffee.Premiums of Indonesian robusta grade 4, 80 ...

Markets - Commodities - Asia

TOCOM ends down 0.5pc, tracking Shanghai futures TOKYO: Benchmark Tokyo rubber futures ended down 0.5 percent on Thursday, tracking weaker Shanghai futures and steep falls in oil prices overnight, but the losses were limited by a weaker yen.The Tokyo Commodity Exchange rubber contract for December delivery finished 0.8 yen lower at 156.9 yen ($1.49) per kg, after hitting a one-week high of 159.8 yen in the previous session."TOCOM traded rangebound and came under pressure from sluggish Shanghai futures," said a source with ...

Markets - Commodities - Asia

Gold eases ahead of BoE policy BENGALURU: Gold slipped on Thursday after rising nearly 1 percent in the previous session, as the dollar firmed and Asian stocks stayed near eight-month highs on expectations of an interest rate hike by the Bank of England.Investors bet the BoE will cut interest rates for the first time in more than seven years to ward off recession following Britain's vote to leave the European Union.The central bank is expected to halve its benchmark interest rate ...