05272016Fri
Last update: Fri, 27 May 2016 01pm

Asia

Markets - Commodities - Asia

Spot gold may rise towards $1,291 SINGAPORE: Spot gold may break a resistance at $1,278 per ounce, and rise towards the next resistance at $1,291, driven by a wave (5)-5.This is the final wave of a five-wave cycle from the March 28 low of $1,208.15. The cycle has been developing within an expanding diagonal triangle, the upper trendline of which suggests a target at $1,312, the 161.8 percent Fibonacci projection level of the preceding wave (5)-3.The projection analysis reveals a resistance at $1,278, the 100 percent level, which temporarily blocks the way towards the 123.6 percent level at $1,291.Copyright Reuters, 2016 ...

Markets - Commodities - Asia

LME aluminium may hover above $1,529 SINGAPORE: LME aluminium has found a key support at $1,529 per tonne, and may hover above this level or bounce to a resistance at $1,559. The support is provided by the 61.8 percent Fibonacci retracement on the rise from the Nov. 23, 2015 low of $1,432.50 to the April 29 high of $1,686. Given that the drop from $1,686 could be too sharp to sustain, the metal has a better chance of pausing around $1,529 ...

Markets - Commodities - Asia

Shanghai copper may bounce to 35,990 yuan SINGAPORE: Shanghai copper may bounce to 35,990 yuan per tonne, as it has found a support at 35,000 yuan.The support is provided by the 114.6 percent Fibonacci projection level of a downward wave C, the third wave of a three-wave cycle from the March 7 high of 39,400 yuan.This wave could be broken down into five small waves, signalling it may have completed. A bounce has been triggered, towards the 86.4 percent level at 35,990 ...

Markets - Commodities - Asia

Palm oil to find support at 2,559 ringgit SINGAPORE: Palm oil is expected to find a support at 2,559 ringgit per tonne and then bounce towards a resistance at 2,629 ringgit. The support and the resistance are identified respectively as the 50 percent and the 61.8 percent Fibonacci projection levels of an upward wave C, the third wave of a three-wave cycle from the Aug. 25, 2015 low of 1,863 ringgit.The support at 2,559 ringgit caused a bounce on May 4, which ended ...

Markets - Commodities - Asia

China steel, iron ore correction may be nearly over LAUNCESTON: Commodity markets like to throw up little ironies, the latest being China's steel futures having their worst week on record just as economic data came out that provided fundamental support for prices. The most-traded steel rebar contract on the Shanghai Futures Exchange lost 12 percent last week, the biggest weekly drop since the instrument was launched in 2009.It is now down some 25 percent since its closing peak this year on April 21, unwinding ...

Markets - Commodities - Asia

Asian vegetable oils track lower Chinese oils KUALA LUMPUR: Asian vegetable oil markets fell on Friday, with futures in China and Malaysia declining by 2-4 percent, hit by the effects of a sell-off on China's commodities market.Malaysian palm oil futures tracked refined, bleached and deodorised (RBD) palm olein on the Dalian Commodity Exchange, falling the most in five months on Friday.The most actively traded September contract for palm olein and the September soybean oil contract, both on the Dalian Commodity Exchange, fell ...

Markets - Commodities - Asia

Palm oil producers predict El Nino to hit 2016 output SINGAPORE: Southeast Asia's palm oil output is likely to drop in 2016 due to dry conditions from the El Nino weather pattern, while the cotton market will trade in a narrow range, Singapore-based trader Olam International said on Friday. Indonesia, the world's top palm oil producer, is likely to see output fall by about 2 million tonnes, while production in Malaysia, the No. 2 supplier, will decline by 1.2 million tonnes, Chief Executive Officer Sunny ...