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 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.
Based on the drop from this high to the Feb. 19 low of $58.59, oil is supposed to rise to $65.61. A break above $62.08 could signal the continuation of the uptrend.
Support is at 3,624 ringgit, a break below which could cause a fall into the 3,466-3,545 ringgit range. On the daily chart, the contract may break a resistance at 3,581 ringgit, following its failure on Feb. 15.
The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange rose 74 ringgit, or 2.1%, to 3,618 ringgit ($895.32) a tonne during early trade.
"Premiums were adjusted down since the benchmark prices in London rose," the trader said. "Even so, it is hard to export since the stockpile is too low and mini harvest hasn't come yet."
Gold has started a consolidation, which may be confined in the range of $1,769-$1,805. The downtrend is expected to resume upon the completion of this consolidation.
The exact move on Thursday remains unclear. The contract may open lower and retreat towards 3,521 ringgit or open high but close below 3,634 ringgit. A consolidation around 3,634 ringgit is highly anticipated.
Palm oil is expected to retest this strong barrier. However, it may fail again and start a much shallower correction than the former one from 3,631 ringgit.
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.
Regardless of the wave structure, the rally looks full of momentum. Support is at 3,673 ringgit, a break below which could cause a fall into a range of 3,545-3,624 ringgit.