05272016Fri
Last update: Fri, 27 May 2016 05pm

Asia

Markets - Commodities - Asia

Shanghai copper may retest support at 35,000 yuan SINGAPORE: Shanghai copper may retest a support at 35,000 yuan per tonne, a break below which could cause a loss to the next support at 34,680 yuan.These supports are provided respectively by the 114.6 and the 123.6 percent Fibonacci projection levels of a downward wave C, the third wave of a three-wave cycle from the March 7 high of 39,400 yuan.This wave seems to be extending towards a range of 33,750-34,160 yuan, formed by the 150 percent and the 138.2 percent levels. A break above 35,510 yuan could lead to a gain to 35,990 yuan, the 86.4 percent level.Copyright Reuters, 2016 ...

Markets - Commodities - Asia

Palm oil may retest support at 2,500 ringgit SINGAPORE: Palm oil may test a support at 2,500 ringgit per tonne, with a good chance of breaking below this level and falling further towards the next support at 2,484 ringgit. These supports are identified respectively as the 76.4 percent and the 86.4 percent Fibonacci projection levels of a downward wave c, the third wave of a three-wave cycle from the May 11 high of 2,717 ringgit. This wave could eventually travel to 2,463 ringgit, ...

Markets - Commodities - Asia

Palm oil declines to 10-week low tracking competing oils KUALA LUMPUR: Malaysian benchmark palm oil futures fell to a near 10-week low on Thursday evening, as it tracked weaker performing rival oils in China.The palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange slid 1.6 percent to 2,519 ringgit per tonne in the evening. It hit an intraday low of 2,517 ringgit, its lowest levels since March 8.Traded volumes stood at 56,751 lots of 25 tonnes each, versus a 2015 daily ...

Markets - Commodities - Asia

Spot gold may drop to $1,243 SINGAPORE: Spot gold may drop to $1,243 per ounce, as it has broken a support at $1,266. The support was provided by the 14.6 percent Fibonacci retracement on an uptrend from the Dec. 17, 2015 low of $1,047.25 to the May 2 high of $1,303.60. The next support will be at $1,243, the 23.6 percent level, a break below which could open the way toward the 38.2 percent level at $1,206.The drop on May 18 ...

Markets - Commodities - Asia

LME aluminium to consolidate in $1,529-$1,559 range SINGAPORE: LME aluminium may consolidate in a range of $1,529-$1,559 per tonne for one or a few days before rising again. The bounce from the May 13 low of $1,531 seems to be incomplete. However, the metal may have not accumulated enough bullish momentum to bounce beyond the resistance at $1,559, the 50 percent Fibonacci retracement rise from the Nov. 23, 2015 low of $1,432.50 to the April 29 high of $1,686.The chance of a ...

Markets - Commodities - Asia

Shanghai copper may test support at 35,000 yuan SINGAPORE: Shanghai copper may test a support at 35,000 yuan per tonne, a break below which could cause a loss to the next support at 34,680 yuan.The metal has broken a higher support at 35,510 yuan, the 100 percent Fibonacci projection level of a downward wave C, which is the third wave of a three-wave cycle from the March 7 high of 39,400 yuan. The next support will be at 35,000 yuan, the 114.6 percent ...

Markets - Commodities - Asia

Palm oil may retest support at 2,541 ringgit SINGAPORE: Palm oil may retest a support at 2,541 ringgit per tonne, as suggested by its wave pattern and a Fibonacci projection analysis. The drop on May 18 has confirmed the extension of a downtrend from the May 11 high of 2,717 ringgit. Driven by a wave c, the trend may at least extend to 2,522 ringgit, the 61.8 percent Fibonacci projection level.The 50 percent level at 2,541 ringgit works as a temporary support, causing ...