05312016Tue
Last update: Tue, 31 May 2016 11pm

Asia

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 average of 44,600.The market likely tracked weaker vegetable oils in China, a Kuala Lumpur trader said, but export data scheduled for release on Friday could lift prices."However, single digit export growth will not reduce end-stocks by much."Palm oil's performance has been impacted by the volatility of China's commodities market in recent weeks. The most actively traded September contract for palm olein and the September soybean oil contract on the Dalian Commodity Exchange both fell 2.4 ...

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 ...

Markets - Commodities - Asia

Gold slips on strong US econ data, Fed rate hike expectations BENGALURU: Gold dropped on Wednesday after strong US economic data and comments from the central bank officials bolstered expectations that the Federal Reserve could soon hike interest rates.A Fed policymaker said on Tuesday he will push for an interest rate hike in June or July, and two others predict upto three rate increases this year.Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-interest yielding bullion.Spot gold dropped 0.4 percent ...

Markets - Commodities - Asia

Palm oil falls on higher output, technical selling KUALA LUMPUR: Malaysian benchmark palm oil futures reversed gains to hit a two-week low on Wednesday, as speculation over higher output and technical selling dragged the market lower.The new palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange fell 1.4 percent to 2,564 ringgit ($636) per tonne at the midday break. It earlier dipped to 2,561 ringgit, its lowest since May 4.Traded volumes stood at 23,797 lots of 25 tonnes each at ...