02142016Sun
Last update: Sun, 14 Feb 2016 10am

Asia

Markets - Commodities - Asia

LME aluminium neutral in $1,453-$1,511 range SINGAPORE: LME aluminium looks neutral in a range of $1,453- $1,511 per tonne, and an escape will point a direction. The range is formed by the 50 percent and the 23.6 percent Fibonacci projection levels of a downward wave C, the third wave of a three-wave cycle from the Sept. 9, 2015 high of $1,655.50.It could be hard to conclude that the bounce from the Jan. 12 low of $1,449 has extended or the drop from the Dec. 24, 2015 high of $1,564 has resumed, until the metal leaves the range.A break below $1,453 could cause a loss to the 61.8 percent level at $1,426, while a break above $1,511 could lead to a gain to $1,531, the 14.6 percent level.Copyright Reuters, 2016 ...

Markets - Commodities - Asia

Shanghai copper biased to approach 35,530 yuan SINGAPORE: Shanghai copper is biased to approach a resistance at 35,530 yuan per tonne, as it has stabilized around a support at 34,910 yuan.The resistance and the support are identified respectively as the 50 percent and the 23.6 percent Fibonacci retracements on the fall from the Dec. 30, 2015 high of 36,700 yuan to the Jan. 14 low of 34,350 yuan.A break below 34,910 yuan could cause a loss to the next support at 34,510 ...

Markets - Commodities - Asia

Palm oil still targets 2,495 ringgit SINGAPORE: Palm oil still targets a resistance at 2,495 ringgit per tonne, as suggested by its wave pattern and a Fibonacci projection analysis. The contract is riding on a wave c, the final wave of a bigger wave C, which started at the Nov. 25, 2015 low of 2,260 ringgit. The wave C has been unfolding within a rising wedge, the upper trendline of which suggests a target zone of 2,535-2,560 ringgit, formed by the ...

Markets - Commodities - Asia

Gold hits two-week high as equities retreat again MANILA: Gold climbed to a two-week high on Tuesday as falling equities burnished bullion's safe-haven draw, and the dollar also came under pressure as the Federal Reserve meets against a backdrop of a slowing global economy. Risk appetite soured again as equities and crude oil resumed their decline, boosting gold demand.Spot gold touched a session peak of $1,111.26 an ounce, its loftiest since Jan. 8, and was up 0.3 percent at $1,110.86 by 0313 GMT."Gold ...

Markets - Commodities - Asia

CBOT soybeans neutral in $8.70-$8.88 range SINGAPORE: CBOT soybeans March contract looks neutral in a range of $8.70-$8.88 per bushel, and an escape could point a direction.The range is formed by the Jan. 19 high and the 50 percent Fibonacci retracement on the rise to this high from the Jan. 6 low of $8.52.The drop from $8.88 to the Jan. 25 low of $8.70-3/4 could be broken down into three waves. However, it is still doubtful if these waves have made ...

Markets - Commodities - Asia

CBOT corn neutral in $3.67-1/2 to $3.72 range SINGAPORE: Signals have become neutral for CBOT March corn as it failed to break resistance at $3.72 per bushel.Resistance is provided by the 76.4 percent Fibonacci retracement on the fall from the Dec. 18, 2015 high of $3.79-1/2 to the Jan. 7 low of $3.48-1/2. A break above this barrier could open the way towards $3.75-1/4, the 86.4 percent level.Support is at $3.67-1/2, a break below which will not only open the way towards $3.64, ...

Markets - Commodities - Asia

CBOT wheat may break resistance at $4.81-1/4 SINGAPORE: CBOT March wheat may break a resistance at $4.81-1/4 per bushel and then rise towards the next resistance at $4.96-3/4.These resistances are identified respectively as the 14.6 percent and the 23.6 percent Fibonacci retracements on the fall from the June 30, 2015 high of $6.29-1/2 to the Jan. 4 low of $4.56.Wheat has broken a trendline falling from $6.29-1/2 and briefly pierced above $4.81-1/4, chances are it may gain more towards the $4.96-3/4. Strategically, ...