Most Ukrainian winter grain crops are in excellent condition thanks to favourable weather that could lift the 2021 harvest to a record high above 75 million tonnes, a senior government official said on Thursday.
Only a break above $1,761 could signal the completion of the wave C. On the daily chart, gold is still testing the support at $1,723, the 76.4% projection level of a downward wave C from $1,959.01.
Meanwhile, Dalian's most-active soyoil contract fell 1%, while its palm oil contract slipped 3.5%. Soyoil prices on the Chicago Board of Trade were down 1.1%.
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The most-traded April copper contract on the Shanghai Futures Exchange advanced 0.8% to 68,110 yuan ($10,541.71) a tonne, having hit its highest since August 2011 at 68,880 yuan a tonne earlier in the session.
Strength in Paris milling wheat, weakness in US dollar underpin wheat futures as well as ongoing concerns about potential crop damage from cold snap in US Plains.
Choppy trading expected. Corn market underpinned by technical buying but profit-taking expected to limit gains.