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Iron ore rout extends as Dalian futures sink 2.7pc amid tight credit SINGAPORE: China's iron ore futures slumped nearly 3 percent to a contract low on Thursday, putting spot prices on course to drop to their weakest level since 2009, as tighter credit curbed purchases of imported cargoes.Spot iron ore prices have fallen more than 34 percent this year. The rout, fuelled by excess supplies, has forced Chinese steel mills to resell some cargoes back to the market as global miners kept on ramping up output.While Chinese demand for the raw material used to make steel has remained firm, there is more than enough supply in the market and tighter access to bank loans has also made it tougher for buyers to secure fresh cargoes."Steel mills are offloading their long-term contract to us, they are do not want to take cargo from miners as credit is tight," said a trader for an international company in Singapore."Credit is so tight that mills cannot ...

Spot gold may retest resistance at $1,290 SINGAPORE: Spot gold may retest a resistance at $1,290, with a good chance of breaking above it and rising further to $1,301, as indicated by a triangle and a Fibonacci retracement analysis.The rebound from the Aug. 21 low of $1,273.06 may extend, as the drop from the Aug. 26 high of $1,290.80 has been shaped into a triangle, which is a bullish continuation pattern.The Fibonacci retracement on the fall from the July. 10 high of ...
Around 500,000 tonnes Thai rice shipments delayed due to labour shortage BANGKOK: A total of around 500,000 tonnes of Thai rice shipments, mostly of parboiled grade for African buyers, have been delayed due to a labour shortage at ports, traders said on Thursday. This is likely to dent a plan by Thailand's new military government to cut losses on the bulging rice stockpiles built up under the previous government's costly intervention scheme.June shipments had to be delayed to August while some volumes were pushed further out ...
LME aluminium still targets $2,129 SINGAPORE: A bullish target at $2,129 per tonne remains unchanged for LME aluminium as it managed to hover above a support at $2,074.The support is at the 138.2 percent Fibonacci projection level of an upward wave C that developed from the May 21 low of $1,754.75. This support was originally a resistance and the next resistance will be at $2,129, the 161.8 percent level. A trendline ascending from the June 9 high of $1,918 indicates ...
Shanghai copper neutral in 50,100-50,450 yuan range SINGAPORE: Shanghai copper looks neutral in a range of 50,100 -50,450 yuan per tonne, and an escape will point a direction.The range has been formed by the 50 percent and the 61.8 percent Fibonacci retracements on the fall to the Aug. 15 low of 48,620 yuan from 51,580 yuan, an hourly chart high touched on July 3.A rise above 50,450 yuan could be extended to 50,880 yuan, the 76.4 percent retracement, while a fall below ...
Palm oil to test support at 1,950 ringgit SINGAPORE: Palm oil is expected to test a support at 1,950 ringgit per tonne, driven by a wave 5. This is the final wave of a five-wave cycle that developed from the June 25 high of 2,511 ringgit. It may travel a similar distance as the first wave, the wave 1, to arrive at 1,920 ringgit, the 400 percent Fibonacci projection level of the third wave labelled 3. However, the target at 1,920 ringgit could ...
CBOT soybeans neutral in $10.19-3/4 to $10.30 range SINGAPORE: CBOT soybeans November contract looks neutral in a range of $10.19-3/4 to $10.30 per bushel, as it is not clear if the rebound from $10.19-3/4 extends.The range has been formed by the Aug. 26 low of $10.19-3/4 and the 14.6 percent Fibonacci retracement on the fall to this low from the Aug. 11 high of $10.89-1/4.A rise above $10.30 will signal an extension of the rebound towards $10.36, the 23.6 percent retracement, while a ...


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