02062016Sat
Last update: Sat, 06 Feb 2016 03am

Asia

Markets - Commodities - Asia

Gold jumps to near 3-month top as stocks, oil tumble MANILA: Gold rallied to its highest since November on Tuesday, with investors shifting to safe-haven assets as worries over a slowing global economy hit stocks and crude oil again.The Federal Reserve is expected to take notice of the macroeconomic headwinds from China to Europe when policymakers meet later in the day, boosting hopes that it may go easy in hiking U.S. interest rates further.That bodes well for gold, which has risen nearly 5 percent so far this year, after losing more than 10 percent in 2015.Spot gold was up 0.5 percent at $1,112.86 an ounce by 0635 GMT, after earlier peaking at $1,113.54, its highest since Nov. 4."Gold might go for a run," said Brian Lan, managing director at gold dealer GoldSilver Central in Singapore, adding the metal could test $1,138, reached on Nov. 3. "If that is breached, it could go to $1,160.""We've heard some demand increasing in China ...

Markets - Commodities - Asia

Dalian iron ore futures edge up, but caution persists SHANGHAI: Chinese iron ore futures inched higher on Tuesday, but the rebound was likely to be curbed by expectations that demand in the world's top consumer would slow amid a supply glut.China's government will cut crude steel capacity in the world's biggest producer by 100-150 million tonnes, reinforcing concerns over demand for iron ore, which has also been hit by rising supplies from Australia and Brazil."Iron ore remains in a weak position due to large ...

Markets - Commodities - Asia

China's coal imports from Australia fall 25pc in 2015 BEIJING: China imported 70.86 million tonnes of coal from its top supplier Australia in 2015, down one quarter compared to 2014, customs data showed on Tuesday, with demand in the world's biggest energy consuming country declining rapidly.Overall imports, excluding lower-grade lignite, declined 31.5 percent to 155.81 million tonnes during the year, figures from China's General Administration of Customs showed.Australian coal suppliers have normally benefited from lower production costs, which enabled them to outcompete domestic Chinese ...

Markets - Commodities - Asia

Copper surrenders gains on oil slide, China worries MANILA: Copper steadied on Tuesday, surrendering early gains that were spurred by a softer dollar, with a fresh tumble in oil prices underlining worries over a slackening global economy.Oil's slide back below $30 a barrel fueled another selloff in Asian stocks, with Chinese stocks slumping more than 6 percent. Three-month copper on the London Metal Exchange was little changed at $4,413.50 a tonne by 0723 GMT, well off a session high of $4,450.Copper climbed to ...

Markets - Commodities - Asia

LME aluminium neutral in $1,453-$1,511 range SINGAPORE: LME aluminium looks neutral in a range of $1,453- $1,511 per tonne, and an escape will point a direction. The range is formed by the 50 percent and the 23.6 percent Fibonacci projection levels of a downward wave C, the third wave of a three-wave cycle from the Sept. 9, 2015 high of $1,655.50.It could be hard to conclude that the bounce from the Jan. 12 low of $1,449 has extended or the drop ...

Markets - Commodities - Asia

Shanghai copper biased to approach 35,530 yuan SINGAPORE: Shanghai copper is biased to approach a resistance at 35,530 yuan per tonne, as it has stabilized around a support at 34,910 yuan.The resistance and the support are identified respectively as the 50 percent and the 23.6 percent Fibonacci retracements on the fall from the Dec. 30, 2015 high of 36,700 yuan to the Jan. 14 low of 34,350 yuan.A break below 34,910 yuan could cause a loss to the next support at 34,510 ...

Markets - Commodities - Asia

Palm oil still targets 2,495 ringgit SINGAPORE: Palm oil still targets a resistance at 2,495 ringgit per tonne, as suggested by its wave pattern and a Fibonacci projection analysis. The contract is riding on a wave c, the final wave of a bigger wave C, which started at the Nov. 25, 2015 low of 2,260 ringgit. The wave C has been unfolding within a rising wedge, the upper trendline of which suggests a target zone of 2,535-2,560 ringgit, formed by the ...