05022016Mon
Last update: Mon, 02 May 2016 04am

Asia

Markets - Commodities - Asia

CBOT wheat targets $5.19 SINGAPORE: CBOT wheat may break a resistance at $5.04-1/4 per bushel and rise towards $5.19, as suggested by a high-low bottom and a Fibonacci retracement analysis.The pattern formed around the March 2 low of $4.42-1/4 and was confirmed on April 19, suggesting a target at $5.15, near $5.19, the 76.4 percent Fibonacci retracement on the downtrend from the Oct. 7, 2015 high of $5.42-3/4 to $4.42-1/4.Wheat has briefly pierced above $5.04-1/4, the 61.8 percent level. The bigger and bigger white candlesticks on the daily chart from April 15 suggest an increasingly stronger bullish momentum, which may easily push the price above $5.04-1/4.Strategically, a rise to $5.06 may confirm a break above the resistance. A correction from the current level could be limited to $4.97.Copyright Reuters, 2016 ...

Markets - Commodities - Asia

Spot gold may retest resistance at $1,257 SINGAPORE: Spot gold may retest a resistance at $1,257 per ounce, as it has found a support around $1,244. The resistance and the support are identified respectively as the 61.8 percent and the 38.2 percent Fibonacci projection levels of an upward wave (5)-3, the third wave of a five-wave cycle from the from the April 1 low of $1,208.45. This wave is capable of travelling to $1,278, the 100 percent Fibonacci projection level, which will ...

Markets - Commodities - Asia

Vietnam's 2016 coffee exports to fall 25pc y/y to 1mn tonnes HANOI: Vietnam's coffee exports could fall 25 percent in 2016 to 1 million tonnes (16.67 million 60-kg bags) due to drought, lower yields from old trees and increased output by domestic roasters, a senior industry official said on Thursday. "Coffee processing in the country serving a higher number of coffee shops, plus more newly registered roasting businesses, will bring down the country's coffee bean exports," said Luong Van Tu, chairman of the Vietnam Coffee and ...

Markets - Commodities - Asia

LME aluminium may rise to $1,650 SINGAPORE: LME aluminium may break a resistance at $1,626 per tonne and rise to the next resistance at $1,650, driven by a wave C. This is the third wave of a three-wave cycle from the Nov. 23, 2015 low of $1,432.50. It is capable of travelling to $1,650, the 100 percent Fibonacci projection level. The resistance at the 86.4 percent level of $1,626 has temporarily stopped the wave C and caused a correction, which may ...

Markets - Commodities - Asia

Palm oil may rise to 2,776 ringgit SINGAPORE: Palm oil may rise to 2,776 ringgit per tonne, as it has cleared a resistance at 2,716 ringgit. The resistance was provided by the 76.4 percent Fibonacci projection level of an upward wave C, the third wave of a three-wave cycle from the Aug. 25, 2015 low of 1,863 ringgit. This wave could eventually travel to 2,857 ringgit, the 100 percent level. A fall from the current level may be limited to 2,716 ringgit, ...

Markets - Commodities - Asia

Shanghai copper may rise towards 38,420 yuan SINGAPORE: Shanghai copper may break a resistance at 37,900 yuan per tonne and rise towards the next resistance at 38,420 yuan, driven by a wave C.These resistances are identified respectively as the 100 percent and the 114.6 percent Fibonacci projection levels of an uptrend from Jan. 14 low of 34,350 yuan, based on the gain from the Nov. 24, 2015 low of 33,150 yuan to the Feb. 5 high of 36,680 yuan.Support is at 37,420 ...

Markets - Commodities - Asia

CBOT soybeans may rise to $10.34 SINGAPORE: CBOT soybeans May contract may rise to $10.34 per bushel, as it has cleared a resistance at $10.09-1/4.The resistance was provided by the 86.4 percent Fibonacci retracement on the fall from the July 14, 2015 high of $10.34 to the Nov. 23, 2015 low of $8.53-1/2. There will be no other resistance until the contract reaches $10.34.Wave pattern indicates the progress of a powerful wave 3, the third wave of a five-wave cycle from ...