05042016Wed
Last update: Wed, 04 May 2016 06am

Asia

Markets - Commodities - Asia

Silver at 11-month top, gold rises as commodities rally SINGAPORE: Silver surged nearly 4 percent on Thursday, hitting an 11-month top and lifting gold with it, as commodities rallied on firmer oil prices and optimism over the Chinese economy.Crude prices rose on Thursday as the International Energy Agency said that 2016 would see the biggest fall in non-OPEC production in a generation, helping rebalance a market that has been dogged by oversupply.Asian shares climbed to 5-1/2-month highs and the dollar retained gains from the prior session, but the risk appetite failed to dent the safe-haven appeal of precious metals.Spot silver rose 3.9 percent to $17.595 an ounce, its highest since May 2015. Gold rose as much 1.3 percent to a session high of $1,260."There is more and more money coming into commodities," said a trader in Shanghai."Commodity prices of steel and other industrial metals are up sharply as Chinese economic data has become much better. Precious metals are rising ...

Markets - Commodities - Asia

Japan buys 126,398 tonnes food wheat via tender TOKYO: Japan's Ministry of Agriculture bought a total of 126,398 tonnes of food quality wheat from the United States, Canada and Australia in a regular tender that closed late on Thursday.Japan, the world's sixth-biggest wheat importer, keeps a tight grip on imports of the country's second most important staple after rice and buys the majority of the grain for milling via tenders typically issued three times a month.Copyright Reuters, 2016 ...

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. ...

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, ...