The unusual projection levels on the uptrend from $7.79-3/4 still work well.

The correction triggered by $13.57-1/2 has almost been reversed.

Paris wheat touches record high

The reversal signals a strong bullish sentiment and a steady uptrend, which may extend to $15.60, as suggested by the depth of the correction.

Support is fixed at $12.84-1/4, a break below which may cause a fall to $12.10-3/4 again.

On the weekly continuous chart, the deep correction on Monday looks like a pullback towards the 2008 high of $13.34-1/2.

A super bull cycle is riding on a wave C, which may extend to $14.76-1/4 or far above this level.

Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.

The price of 10 gram 24-karat gold also increased by Rs1,715 to Rs106,310 whereas 10 gram 22 karat went up to Rs97,451 from Rs95,880.

Gold prices drop further

The price of gold in the international market decreased marginally and was quoted at $1,860.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange slipped 44 ringgit, or 0.89%, to 4,891 ringgit ($1,176.57) a tonne by the midday break.

A narrowing price spread between crude palm oil and soyoil is making palm unfavourable and hurting demand, a Kuala Lumpur-based trader said.

"Crude palm oil in Malaysia need to adjust lower to continue attracting buyers," the trader said.

Cargo surveyors are scheduled to release data on Malaysia's exports during Nov. 1-15 later in the day, with market talk pegging a jump in shipments.

Dalian's most-active soyoil contract fell 0.04%, while its palm oil contract gained 0.02%. Soyoil prices on the Chicago Board of Trade were down 1.3%.

Palm rallies to record high on improving Oct exports

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Crude oil prices skidded, under pressure from expectations of higher supplies and weakening demand. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.

Palm oil may retest a resistance at 4,998 ringgit per tonne, a break above could lead to a gain to 5,048-5,101 ringgit range, Reuters technical analyst Wang Tao said.

Monthly production, however, rose from the prior month, official data showed on Monday, ending a run of five straight monthly declines.

The world's top producer of the metal churned out 3.13 million tonnes of primary aluminium last month, the National Bureau of Statistics (NBS) said. That was up from 3.075 million tonnes in September but down 1.8% year-on-year.

On a daily basis, October output works out at 100,968 tonnes per day, its lowest daily levels since July 2020, versus 102,500 tonnes in September, which had one less day.

The southwestern province of Guizhou on Oct. 21 ordered all five of its aluminium smelters to reduce power usage and shut capacity, consultancy MySteel reported, putting the annual operating capacity affected at 1.3 million tonnes.

Those measures were the latest in a series of curbs placed on energy-intensive aluminium production by regional governments this year - including in the smelting hub of Yunnan that borders Guizhou - as they come under pressure to reduce carbon emissions and cut power usage.

Aluminium sector needs $1.5 trillion just to decarbonise power

Yunnan has told smelters not to increase average monthly production from August levels over the remainder of the year.

Consultancy Wood Mackenzie said in a study it expects more aluminium production suspensions in Yunnan during the fourth quarter, "as the impact of insufficient hydropower supply has been exacerbated by the dry season."

National output in the first 10 months of 2021 was nonetheless up 6.5% year-on-year at 32.37 million tonnes, still on course for an annual record high.

China's output of 10 nonferrous metals - including copper, aluminium, lead, zinc and nickel - was 5.26 million tonnes in October, the statistics bureau said.

That was up 0.5% from 5.234 million tonnes in September, but down 2.6% year-on-year.

The other metals in this group are tin, antimony, mercury, magnesium and titanium.

China supplies some 85% of the world's magnesium and the impact on its production from the power crunch sent prices to record highs, leading to fears of shortages in the automotive industry.

U.N. climate talks in Glasgow ended on Saturday with a deal targeting fossil fuel use. Wording was softened to call for a "phase down" rather than "phase out" of coal after lobbying from India among others.

"The reality is that coal is going to be used during the next decade or so. It's still going to be a cash generator," said Mathan Somasundaram, chief executive officer at Sydney-based research firm Deep Data Analytics.

Big miners China Shenhua Energy and Yanzhou Coal fell 1% and 4% respectively in Hong Kong, where the broader stockmarket was mostly steady.

In Indonesia, the world's biggest coal exporter, the declines were more marked. Top miner Bumi Resources fell 4% and rival Indika Energy fell 6%. Adaro Energy dropped 4%.

Shares in Australia-listed thermal coal miner Whitehaven Coal fell 2% and rival New Hope fell 0.5% in a slightly firmer broad market. Metallurgical coal miners South32 and Coronado Global Resources dropped about 2% and 3% respectively.

The moves extend a recent pullback that has taken the edge off whopping year-to-date gains for Whitehaven, South32 and New Hope which are now up more than 40% amid a global energy crunch.

China, the world's biggest producer and consumer of coal churned out its highest tonnage in more than six years last month, official data showed, which helped to knock near-term spot prices on Monday.

China coal prices claw back after Beijing signals pacing down price drive

The Glasgow deal has elicited promises of future cuts to use, has resolved rules for carbon markets and also takes aim at fossil fuel subsidies -all of which could speed up the transition to other energy sources.

Elsewhere in Asia, Seoul-listed mine owners and suppliers KEPCO, LX International and Doosan Heavy lost between 1% and 2% in a broader market that was up 1%.

George Boubouras, head of research at K2 Asset Management in Melbourne, said under-investment in coal projects would probably keep spot prices elevated from a historical perspective but the fuel's likely eventual demise might limit gains for stocks.

"High thermal coal prices...will not necessarily translate into higher share prices to the same degree," he said. Oil was slightly softer and gas a touch firmer in Asia and stocks in the sector were broadly steady.

Some investors have an eye on uranium as filling some of the gap left as energy firms retreat from coal, helping uranium futures soar along with other commodities in recent weeks.

Large miners have rallied, lifting Canada's Cameco to a decade high last week and Kazakhstan's Kazatomprom to a recor

The uptrend is well controlled by a set of projection levels on the rise from $1,744.84. As long as the metal hovers above a support at $1,845, the uptrend will be deemed intact.

A break below $1,845 could cause a fall to $1,826. Wave pattern suggests the progress of a wave C or wave 3, both of which are capable of travelling into a range of $1,886 to $1,908.

On the daily chart, the current rise is considered as a continuation of the uptrend from $1,677.61. The metal is riding on a wave (c), which is capable of extending to $1,916.40.

This wave has briefly travelled above a resistance at $1,862. It may extend first to $1,885.

Charts are not available in reports received in email box through "Alert". To get charts, use the news code to retrieve the original reports.

Spot gold may fall to $1,764; China-Taiwan war unlikely

Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.

No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.

Wheat gained ground, trading close to its highest in nine years on tightening global supplies and robust demand.

"Prices have come down a little, but supply-demand fundamentals are still pretty bullish," said a Singapore-based trader, who supplies to millers in Asia. "It is getting difficult to get wheat supplies from the Black Sea region."

The most-active soybean contract on the Chicago Board of Trade (CBOT) fell 0.3% to $12.40-1/4 a bushel by 0355 GMT, after hitting a Nov. 3 high on Friday.

Wheat added 0.1% to $8.17-1/2 a bushel after climbing to its highest since December 2012 in the last session, while corn slid 0.5% to $5.74-1/4 a bushel.

China's soyoil hit near 10-year high, crush margins swing back to profit

Soybeans supported amid soaring demand for soymeal, used in animal feed rations, against the backdrop of transportation bottlenecks and labour shortages.

Shrinking export surplus from some of the key wheat suppliers, including Russia, is underpinning prices which have climbed 28% this year.

There is additional support stemming from robust demand.

Iraq will issue an international tender to buy 500,000 tonnes of wheat in December or early 2022, a trade ministry spokesperson told Reuters on Friday.

Commodity funds were net buyers of CBOT soybean, corn, soymeal and wheat futures contracts on Friday and net sellers of soyoil futures, traders said.