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Asia
Monday, 05 October 2015 16:58
41
KUALA LUMPUR: Malaysian palm oil futures continued their rise on Monday after climbing for the past two weeks, supported by strong gains in rival oilseed and crude oil prices.The benchmark December contract on the Bursa Malaysia Derivatives exchange closed 1.2 percent higher at 2,416 ringgit ($551.6) a tonne at the end of the trading session.Prices reached a 15-month high of 2,460 ringgit on Tuesday after a rally that saw palm climb almost 20 percent last month."Future crude palm oil prices may attempt to recoup Friday's losses in view of strong gains in rival oilseed and energy fronts," said a trader based in Kuala Lumpur."However, the current strength in the ringgit and news from the Malaysian Palm Oil Board to temporarily halt palm product imports from Indonesia due to high stocks levels may hamper market sentiment and keep gains checked."Traded volume stood at 48,590 lots of 25 tonnes each, well above ...
SINGAPORE: Spot gold may gain more to $1,147, as it has broken a resistance at $1,133 per ounce.The resistance was provided by the 38.2 percent Fibonacci retracement on the rise from the July 24 low of $1,077 to the Aug. 21 high of $1,168.40. The next resistance will be at $1,147, the 23.6 percent level, a break above which could lead to a limited gain to $1,155, the 14.6 percent level.The sharp gain from the ...
SINGAPORE: LME copper may seek a support around $5,130 per tonne, before resuming its uptrend.Wave pattern suggests that the metal is riding on a wave c, the third wave of a three-wave cycle from the Sept. 29 low of $4,915.50. This wave could at least travel to $5,325, the 100 percent Fibonacci projection level.Immediate resistance is at $5,204, the 61.8 percent level, a break above which could lead to a gain to $5,250, the 76.4 ...
SINGAPORE: LME aluminium is expected to test a resistance at $1,581 per tonne, with a good chance of breaking above this level and rising more towards the next resistance at $1,598.These two resistances are identified respectively as the 50 percent and the 38.2 percent Fibonacci retracements on the rise from the Aug. 24 low of $1,506 to the Sept. 9 high of $1,655.50.Wave pattern suggests that aluminium is riding on a wave c, the third ...
SINGAPORE: CBOT soybeans November contract may approach a resistance at $8.83-1/2 per bushel again, as it has found a support at $8.71-3/4.The support is provided by the 61.8 percent Fibonacci retracement on the rise from the Sept. 11 low of $8.53-1/4 to the Sept. 30 high of $9.02-1/4. It has caused a bounce which may consist of three waves, with the current third wave progressing towards $8.83-1/2, the 38.2 percent level.Support is at $8.71-3/4, the ...
SINGAPORE: CBOT December corn may break a resistance at $3.94-1/4 per bushel and rise towards the next resistance at $4.05-3/4, as it could have completed a correction caused by the former.These resistances are provided respectively by the 38.2 percent and the 50 percent Fibonacci retracements on the fall from the July 14 high of $4.54-1/4 to the Aug. 12 low of $3.57-1/2. A rise to $3.95 may confirm a break above $3.94-1/4.Support is at $3.88, ...
SINGAPORE: Chicago wheat futures eased for a third consecutive session on Wednesday under pressure from ample global supplies, but losses were limited by concerns over dryness in the Black Sea region.Soybean futures were little changed after gaining nearly 1-percent in the last session as investors covered short positions ahead of a US Department of Agriculture report which is expected to trim last year's production number.Chicago Board of Trade November soybeans had eased half a cent ...
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