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Palm rises as soy markets recover; weak ringgit supports KUALA LUMPUR: Malaysian palm oil futures rose on Wednesday, recouping from the previous session's slide to an over-9-month low, as a recovery in comparative soy markets and a weaker ringgit provided some relief to the tropical oil.The US soyoil contract rose 0.3 percent in early Asian trade, while the most active soybean oil contract on the Dalian Commodities Exchange gained 0.2 percent. Palm oil typically tracks soy markets, a common food and fuel substitute.A weaker ringgit currency meanwhile stoked buying interest from overseas investors and refiners. The Malaysian ringgit lost 0.45 percent to trade at 3.1960 per dollar early Wednesday."The recovery in soybean oil markets, which are oversold, is helping palm to rebound," said a trader with a local commodities brokerage in Malaysia."Another factor is that the ringgit has weakened compared to last Friday. That is giving additional support to palm," the trader added.By the midday break, the benchmark October ...

CBOT wheat to rebound into $5.44-1/2 to $5.49 range SINGAPORE: CBOT September wheat is expected to rise into a range of $5.44-1/2 to $5.49 per bushel, as its rebound from the July 14 low of $5.24-1/4 has not completed.The rebound has extended above resistance at $5.37-1/2, the 200 percent Fibonacci projection level of a downward wave 3. It may pierce into the range formed by the 176.4 percent and the 161.8 percent projection levels.A break below $5.37-1/2 will make signals neutral. Only a further ...
China steel, iron ore hold near 7-week highs after firm GDP SINGAPORE: Steel and iron ore futures in China steadied near seven-week highs on Wednesday after data showed the Chinese economy grew slightly faster than expected in the second quarter.Both commodities rose to their highest level since late May on Tuesday ahead of the data on expectations that China would continue with stimulus measures, including infrastructure spending, to aid growth.The world's No. 2 economy expanded 7.5 percent in April-June, quicker than the 7.4 percent that economists ...
Shanghai copper to fall to 49,810 yuan SINGAPORE: Shanghai copper is expected to drop to a support at 49,810 yuan per tonne, a break below which will lead to a further loss to 49,260 yuan.The support is provided by the 38.2 percent Fibonacci retracement on the rise from the June 9 low of 46,940 yuan to the July 4 high of 51,580 yuan.It will temporarily block the way towards the next support at 49,260 yuan, the 50 percent level.Resistance will be at ...
Gold below $1,300 on stronger dollar, interest rate fears SINGAPORE: Gold steadied after two days of losses on Wednesday but held below $1,300 an ounce, near a four-week low, on a stronger dollar and fears that the Federal Reserve could hike US interest rates sooner than expected.Fed Chair Janet Yellen said on Tuesday the US central bank could raise rates earlier or faster if hiring and wages take off in an unexpected way, though she signalled that the Fed will keep monetary policy loose ...
Palm oil to retest support at 2,298 ringgit SINGAPORE: Palm oil may retest support at 2,298 ringgit per tonne, as it could have completed a rebound triggered by this level. The support is provided by the 100 percent Fibonacci projection level of a downward wave 3, which started at the July 7 high of 2,424 ringgit. This wave has a fierce character and may eventually extend to 2,220 ringgit, its 161.8 percent projection level. A break above 2,328 ringgit will indicate the continuation ...
Corn rises after sliding to contract low; soy ticks up SINGAPORE: US new-crop corn futures rose on Wednesday, taking a breather after sharp recent falls that pushed them to a contract low in the previous session, though expectations of near-record production in the United States kept a lid on prices. Soybeans rose as Chinese buying underpinned the market while wheat rose on bargain buying. Chicago Board Of Trade December corn gained 0.7 percent to $3.84-1/4 a bushel by 0246 GMT, having slid 1.7 percent in ...


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