06252016Sat
Last update: Sat, 25 Jun 2016 04am

Asia

Markets - Commodities - Asia

CBOT wheat to revisit June 21 low of $4.57-1/4  SINGAPORE: CBOT July wheat is expected to revisit its June 21 low of $4.57-1/4 per bushel, as suggested by its wave pattern and a Fibonacci projection analysis.The fall from $4.79-3/4, an hourly chart high touched on June 20, consists of five waves, which have been unfolding within a falling channel. The channel line points a target range of $4.51-$4.54, formed by the 338.2 percent and the 300 percent Fibonacci projection levels of the first wave labelled 1.It seems the fourth wave labelled 4 has completed and the fifth wave, the wave 5, is progressing towards $4.56-3/4. A break above $4.64-1/4 could lead to a gain to the 100 percent level at $4.69.Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her ...

Markets - Commodities - Asia

NY sugar may drop to 18.73 cents SINGAPORE: New York July sugar may drop to 18.73 cents per lb, as suggested by a Fibonacci projection analysis.The analysis is on the uptrend from the May 25 low of 16.42 cents to the June 16 high of 20.15 cents. It reveals sugar has broken a support at 19.27 cents, the 23.6 percent level. The next support will be at 18.73 cents, the 38.2 percent level.Resistance is at 19.27 cents, the 23.6 percent level, a ...

Markets - Commodities - Asia

Bangladesh tea prices rally for sixth week on quality leaf  DHAKA: Bangladesh tea prices rose for a sixth straight weekly auction on Tuesday on strong demand for quality leaf despite a higher volume on offer, brokers said.Bangladesh tea fetched an average of 248.26 taka ($2.7) per kg at the auction, the ninth of the new marketing season, up from 245.04 taka in the previous sale.Strong demand was seen throughout the sale and prices advanced further due to competition, the National Brokers said in a market ...

Markets - Commodities - Asia

NY coffee to rise to $1.4345 SINGAPORE: New York September coffee is expected to rise to $1.4345 per lb, as suggested by its wave pattern and a Fibonacci projection analysis.The contract is riding on a wave c, the third wave of a three-wave cycle from the June 13 low of $1.34. This wave could travel to $1.4465, its 61.8 percent Fibonacci projection level.The immediate resistance is at $1.4220, the 38.2 percent level, a break above which could lead to a gain ...

Markets - Commodities - Asia

Corn ticks up from 1-month low, wheat firms after 2 days of falls SINGAPORE: Chicago corn edged up on Wednesday after hitting a near one-month low earlier in the session on headwinds from improving prospects for the US crop.Wheat gained ground with concerns over the Black Sea crop supporting prices, while soybeans inched up on strong demand for US products.Chicago Board of Trade most-active corn contract was up 0.6 percent at 3.98-1/2 a bushel as of 0230 GMT, after dropping to its lowest since May 24 earlier in ...

Markets - Commodities - Asia

Gold hovers near 1-1/2 week lows ahead of Britain vote on EU BENGALURU: Gold hovered near its lowest in over a week on Wednesday as Asian stocks rose amid indications that Britain would vote to remain in the European Union.Bullion fell nearly 2 percent on Tuesday in its biggest one-day loss in a month, touching its weakest since June 10 at $1,264.10 an ounce. That came after two opinion polls on Monday suggested it was increasingly likely Britain would choose to stay in the EU.A vote on ...

Markets - Commodities - Asia

Shanghai copper may rise to 37,100 yuan,  SINGAPORE: Shanghai copper may break a resistance at 36,220 yuan per tonne and rise towards the next resistance at 37,100 yuan, driven by a wave C.This is the third wave of a three-wave cycle from the Nov. 24, 2015 low of 33,150 yuan. A Fibonacci projection analysis on the target of this wave reveals the resistance at 36,220 yuan, the 23.6 percent level, and the resistance at 37,010 yuan, the 38.2 percent level.A double-bottom forming ...