Soft Commodity Technicals by Reuters

Published on November 10, 2010 by admin   ·   No Comments  

WHEAT
SINGAPORE, Nov 10 (Reuters) – The CBOT wheat December contract is expected to retrace further to $6.90 per bushel as the sharp drop on Tuesday is likely to continue. >>>>>> More

Soft Commodity Technicals by Reuters

 
WHEAT
SINGAPORE, Nov 8 (Reuters) – A bullish target at $7.61-¼    for the CBOT wheat December contract has been established, as an upward wave “c” is progressing.  >>>>>>>>>>>> More

Palm Oil Technicals from Reuters

SINGAPORE, Oct 18 (Reuters) - Malaysian palm oil may retrace further to 2,849 ringgit per tonne based on its wave pattern and a Fibonacci retracement analysis.

A five-wave cycle has completed on the rise from 2,653 ringgit to 2,970 ringgit, and a Fibonacci retracement analysis reveals a possible target for the current retracement at 2,489 - the 38.2 percent level.

Palm oil may also consolidate between 2,880 ringgit and 2,940 ringgit on Monday without rushing towards 2,849, as the wave "4" trough generally provides minor support which may hold up a fall temporarily.

Resistance is at 2,940 ringgit, a rise above which indicates a consolidation would take longer within a wider range between 2,880 ringgit to 2,970 ringgit.

Palm Oil Technicals from Reuters

   

SINGAPORE, Oct. 15 (Reuters) - Malaysian palm oil <KPOc3> is expected to retrace to 2,880 ringgit per tonne, as a bearish engulfing pattern is observed on its daily chart.

The engulfing pattern is one of the typical bearish reversals seen on a candlestick chart. As well, the rally from the Oct. 4 low at 2,653 ringgit could be too sharp not to be followed by a consolidation or retracement.

But the downside may not be limited to 2,880 ringgit, as a gap that formed between 2,808 ringgit and 2,886 ringgit could be partially filled as well.

Resistance is at 2,948 ringgit, a rise above which would open the way to 2,980.

Palm Oil Technicals from Reuters

SINGAPORE, Oct. 14 (Reuters) - Malaysian palm oil <KPOc3> may rise to 3,000 ringgit per tonne if it stands above a pivotal resistance at 2,960 ringgit.

A consolidation range is observed between 2,880 ringgit and 2,940 ringgit, and a jump above it would immediately open the way to 3,000 ringgit, based on the price difference between the high and the low of the range.

The 21-period moving average on the 30-minute chart still provides support for the retracement, and may not be touched again.

A pivotal support is at 2,899 ringgit, a fall below which would possibly extend its loss towards 2,880 ringgit, the low of the range.

Palm Oil Technicals from Reuters

SINGAPORE, Oct. 13 (Reuters) - Malaysian palm oil <KPOc3> may fail a retracement target at 2,847 ringgit per tonne, as the uptrend is steady.

The 21-period moving average on the 30-minute chart served as a good support for a retracement last Friday, and it may work well again for the current correction.

A Fibonacci retracement analysis on the rise from 2,753 ringgit to 2,940 ringgit marks the 38.2 percent level at 2,869 ringgit, which could be the ultimate correction depth.

A rise above 2,930 ringgit would confirm the resumption of the uptrend.

Palm Oil Technicals from Reuters

 SINGAPORE, Oct. 12 (Reuters) - Malaysian palm oil is expected to retrace to 2,847 ringgit a tonne, as a gap formed on Monday is likely to be partially filled.

The surge on Monday could be too sharp not to be followed by a mild consolidation or retracement, as a profit-taking action could make a further gain from the current level unlikely.

A Fibonacci retracement analysis on the rise from 2,753 ringgit to 2,940 ringgit reveals a possible correction depth at 2,847 ringgit, the 50 percent level.

A rise above 2,950 ringgit would extend its gain to 2,994 ringgit.

Palm Oil Technicals from Reuters

SINGAPORE, Oct.11 (Reuters) - A bullish target at 2,851 ringgit per tonne for Malaysian palm oil is intact, as the current retracement is seen to have ended.

The correction has come to a strong support zone formed by 2,755 ringgit, the high touched on Sept. 27, and 2,750 ringgit -- the 38.2 percent Fibonacci retracement level on the rise from 2,655 ringgit to 2,808 ringgit.

The confirmation for a resumption of the rally will be when palm oil moves above a small resistance at 2,780 ringgt.

A further dip would be less possible and will be limited to 2,732 ringgit.

Palm Oil Technicals from Reuters

      

SINGAPORE, Oct 7 (Reuters) - A bullish target at 2,750 ringgit per tonne for Malaysian palm oil <KPOc3> is intact as an upward wave "5" is yet to develop.

The current consolidation is regarded as a wave "4" correction which may be limited to 2,706 ringgit, the 38.2 percent Fibonacci retracement level on the rise from 2,660 ringgit to 2,735 ringgit.

A fall below 2,706 ringgit would push prices down to 2,698 ringgit, the 50 percent Fibonacci retracement level.

Commodity News Snapshot-Pakistan

THE RUPEE: dollar down further

KARACHI (October 07, 2010): Sharp recovery was witnessed on the currency market on Wednesday as the rupee maintained its surge mainly because of easy supply of the US currency, dealers said. The rupee was sharply higher by 14 paisa in relation to the greenback for buying and selling at 85.98 and 86.02, they said. In the third Asian trade dollar stayed near eight-month lows on the euro and edged towards a 15-year trough on the yen, hurt by expectations of Federal Reserve easing after Japan lined up its own reflation tools.

Prices remain firm on exporters' buying on cotton market

KARACHI (October 07, 2010): Prices showed firmness on the cotton market on Wednesday as exporters' buying helped the rates to retain the overnight levels, dealers said. The Karachi Cotton Association (KCA) official spot rate was inert at Rs 7,050; they said. In the ready business, nearly 20,000 bales of cotton changed hands between Rs 6,850-7,100; they said.

TCP offloads 24,800 tons of sugar in open market

KARACHI (October 07, 2010): Following the directives of the Economic Coordination Committee (ECC), the Trading Corporation of Pakistan on Wednesday offloaded 24,800 tons imported sugar in open market to stabilise soaring commodity prices. The ECC on September 21, decided to offload 50,000 tons of imported sugar in the open market to overcome sugar crisis, as provinces had completely failed to sell subsidies imported sugar in domestic market at low rates during Ramazan, following which sugar price hit peak level of Rs 82-84 per kg in retail market.

Gold, silver prices soar to new peaks

KARACHI (October 07, 2010): The prices of gold and silver on Wednesday struck new highs of Rs 43, 350 per tola and Rs 650 per tola respectively on the local market, traders said. Gold reached the record high mark of Rs 43, 000 per tola a day before on the local market, surpassed to a new rise of Rs 43, 350. Similarly, the price of gold 10-gram exceeded to the highest ever level of Rs 37, 157 from previous high of Rs 36, 857, according to traders.

Bullion Rates

KARACHI (October 07, 2010): Gold and silver rates in rupees per 10 grams prevailing in major cities on Wednesday (October 06, 2010).

International News

Malaysian palm oil jumps

KUALA LUMPUR (October 07, 2010): Palm oil prices hit a near one-week high on Wednesday on expectations of a new round of central bank action to ginger up weakening economies although a record US soy crop dragged on sentiment. Hopes of central banks easing monetary policies weighed on the greenback, as it would make dollar-priced commodities such as Malaysian palm oil and US soyaoil cheaper for big customers like China and India.

Gold at new record highs, just below $1,350 an ounce

LONDON: Gold rose to record highs for a second day in a row on Wednesday as investors punished the dollar ahead of the Federal Reserve’s possible resumption of special measures to protect the flagging economy.

Oil hits fresh 5-month high

LONDON: Crude oil reached a fresh five-month high after the release of US government figures that showed a large fall in product inventories. Markets responded to this sign of high product demand by pushing up prices, despite simultaneous data showing a higher than expected rise in crude oil stocks.

EU wheat jumps

MILAN (October 07, 2010): European wheat futures jumped on Tuesday on the back of strong gains in US grain futures and other commodities, shrugging off a rally in the euro that could hamper Europe's wheat competitiveness on world markets. Benchmark November on Euronext milling wheat futures closed at 205.75 euros ($283.3) a tonne, up 6.50 euros or 3.26 percent after hitting an intraday high of 206.00 euros. The next resistance level is estimated at 208 euros.

Palm Oil Technicals from Reuters

SINGAPORE, Oct.6 (Reuters) - Malaysian palm oil <KPOc3> could rise to 2,750 ringgit per tonne, as an "a-b-c" corrective wave cycle is seen complete at 2,655 ringgit.

The wave "c" is confirmed over as it could be broken down into five small waves, with a failed wave "5" having ended at 2,655 ringgit.

The wave "4" top at 2,689 ringgit has been surpassed, signaling a possible bullish reversal at 2,655 ringgit.

Support is at 2,680 ringgit, a fall below which would violate the bullish outlook, and palm oil may return to 2,655 ringgit.
   

Palm Oil Technicals from Reuters

SINGAPORE, Oct.5 (Reuters) - Malaysian palm oil may extend its loss to a range between 2,600 ringgit and 2,588 ringgit per tonne, as per a channel technique.

A long-term trendline resistance at 2,733 ringgit proved to be strong, and a failure to break it indicates the weakness of the bullish momentum.

As a result, palm oil would retrace to a support at 2,600 ringgit to accumulate strength before climbing up again.

The 2,600 ringgit support is provided by the lower channel line of an identical channel which was duplicated from the upper channel.

Resistance is at 2,690 ringgit, a rise above which would extend its gain to 2,720 ringgit. 

Palm Oil Technicals from Reuters

SINGAPORE, Oct 1 (Reuters) - Malaysian palm oil <KPOc3> may rise into a range of 2,850-2,900 ringgit per tonne after it cleared trendline resistance at 2,733 ringgit for a second time. 

After a minor retracement to 2,691 ringgit on Wednesday, palm oil could have accumulated enough strength to progress towards upper channel line resistance at 2,850 ringgit, or even higher to 2,900 ringgit. 

Support is at 2,691 ringgit, a break below which will trigger a further retracement to 2,630 ringgit.

Malaysian palm oil is expected to hover around 2,730 ringgit per tonne - Palm Oil Technicals from Reuters

SINGAPORE, Sept 29 (Reuters) - Malaysian palm oil is expected to hover around 2,730 ringgit per tonne for one more trading session, before moving in a particular direction. 

Palm oil is testing a long-term trendline passing through the Jan. 6 high at 2,726 ringgit and the Aug 13 high at 2,737 ringgit. Currently, it is difficult to say for sure if its move would be bullish, even though its wave pattern and an ascending channel are pointing to a range of 2,800-2,850 ringgit. 

Support is at $2,660 ringgit, a break below which will confirm that the contract peaked around 2,733 ringgit, while a rise above 2,760 would signal the resumption of the bull trend.

Commodity News Snapshot-Pakistan

 Wheat procurement: 'Federal government has to pay Rs 1.965 billion to Punjab food department'

LAHORE (September 24, 2010): Punjab Government purchased 5.781 million metric tons wheat during previous year out of which 2.5 million metric tone wheat was purchased for Federal Government and stored in the go downs of Punjab food department.

THE RUPEE: dollar inches up

KARACHI (September 24, 2010): Rates were almost unchanged on the currency market on Thursday due to easy supply of dollars, dealers said. The rupee slipped versus dollar, losing one paisa for buying at 85.90 and shedding two paisa at 85.95 for selling, they said. In the fourth Asian trade US dollar was on the defensive as speculation that the Federal Reserve will soon start printing more money drove down Treasury yields and kept the greenback pinned near a five-month low on euro.

Steady arrivals push rates lower despite hectic buying on cotton market

KARACHI (September 24, 2010): Steady phutti arrivals pushed prices lower on the cotton market on Thursday in process of hectic buying from mills and exporters, dealers said. The Karachi Cotton Association (KCA) official spot rate was left at the overnight level at Rs 7,250, they said.

Cotton prices lose sizeably

LAHORE (September 24, 2010): Cotton prices witnessed further losses as mills are only buying their immediate requirements and are looking for fibre values to temper down. This week, lint prices kept slipping after reaching near record levels on last Monday. This attitude of the local market also appears to be in tune with the cotton futures market in New York (ICE) which reached fifteen year peak levels on last Tuesday but fell on Wednesday. 

Gold, silver prices remain unchanged

KARACHI (September 24, 2010): Gold and silver prices on Thursday remained steady at record highs of Rs 41, 150 and Rs 620 per tola on the local market, respectively, traders said. "Gold prices on the global market slipped to 1292 dollars an ounce today as the precious metal was quoted 1993 dollars on Wednesday, helping the local market remain unchanged at Rs 41, 150 per tola," said a leading trader.

International News

Malaysian palm oil futures barely moved

KUALA LUMPUR (September 24, 2010): Global vegetable oil markets made a little headway on Thursday on concerns over erratic weather curbing grain harvests across the globe. Traders are shifting their focus to a strengthening weather formation known as La Nina, which may affect the upcoming South American growing season for wheat, corn and soybeans.

US MIDDAY: sugar rises

NEW YORK (September 24, 2010): ICE raw sugar futures erased early losses on Thursday within sight of a seven-month peak, supported by concerns over global supply tightness, while arabica coffee and cocoa edged higher. Raw sugar futures remained below Monday's seven-month high of 25.60 cents a lb, basis front month.

Gold holds firm after record high run, eyes $1,300

LONDON: Gold held near record highs on Thursday, eyeing a breach of $1,300 an ounce, while silver flirted with 30-year peaks as the threat of currency devaluation lifted interest in the metals as a safe store of value.

Oil falls to around $74 a barrel

LONDON: Oil fell to around $74 a barrel on Thursday after US data showed continued labour market weakness in the world’s biggest oil user, where fuel inventories have swollen to record levels.

Commodity News Snapshot-Pakistan

Flash floods cause over Rs 300 billion loss to agriculture sector

ISLAMABAD (September 23, 2010): The estimated loss to agriculture sector of Pakistan in recent flash floods is over Rs 275-300 billion. The representatives of farmers, cotton industry and leather industry while talking to Business Recorder said that the recent floods have caused severe damage to the standing crops along with shortage of livestock hence the government should provide maximum assistance for revival of the agro-economy.

Country has sufficient stock of wheat, rice: Kaira

ISLAMABAD: The federal cabinet was on Wednesday informed that the country had sufficient stock of wheat, rice and pulses despite massive crop losses in floods.

Over 800 containers of Pakistani rice held at Kenyan port: laboratory analysis reports awaited

KARACHI (September 23, 2010): Over 800 containers of Pakistani rice worth $8.0 million have been held at the Kenyan port as the authorities refused to release them until laboratory analysis reports. Kenyan customs have imposed restrictions that all rice imported into the country will not be released from the port until laboratory analysis reports (LAR) in respect to grading have been received in the station of clearance.

THE RUPEE: dollar crosses 86

KARACHI (September 23, 2010): The dollar was trading at 86 versus the rupee on the open market, it, however, shed its gains on the interbank market on Wednesday in process of trading, dealers said. The rupee fell in terms of dollar, shedding five paisa for buying at 85.90 and it also dropped by 15 paisa for selling at 86.10, they said.

TCP to offload 50,000 tons of sugar in open market

KARACHI (September 23, 2010): Following the Economic Co-ordination Committee (ECC) decision, the state run grain trader is all set to offload 50,000 tons imported white sugar in open market, a high official told Business Recorder on Wednesday. The ECC on Tuesday decided to offload imported sugar in the open market, after provinces failed to sell subsidised imported sugar in domestic market at low rates during Ramazan, following which sugar price surged to peak level of Rs 86 per kg in open market.

 

Cotton rates remain stable in improved activity as exporters enter market

KARACHI (September 23, 2010): Improved business was seen on the cotton market on Wednesday as exporters entered the market to make deals, dealers said. The Karachi Cotton Association (KCA) official spot rate did not show further rise, holding the overnight level at Rs 7,250, they said. In the ready business approximately, 13000 bales of cotton changed between Rs 7050-7400, they said.

 

Gold up by Rs 400 per tola

KARACHI (September 23, 2010): Gold on Wednesday touched a fresh peak of Rs 41,150 per tola while silver price equalised its previous record high of Rs 620 per tola on the local market, trader said. Gold was selling for Rs 40,750 per tola a day before and went up hitting a new high of Rs 41,150 on the local market, posting a rise of Rs 400. Price of gold per 10 gram touched Rs 35,271, up from Rs 34,942, they said.

Bullion Rates

KARACHI (September 23, 2010): Gold and silver rates in rupees per 10 grams prevailing in major cities on Wednesday (September 22, 2010).

International News

Malaysian palm oil rises

KUALA LUMPUR (September 23, 2010): Malaysian palm oil and its rival US soyaoil recorded small gains on Wednesday as traders waited for more news on weather in key grain producing regions in the Americas and Asia. Chinese financial markets are closed for the rest of this week, giving few cues to vegetable oil trade.

US wheat futures recover

HAMBURG (September 23, 2010): US wheat futures rose by more than one percent in European and Asian trade on Wednesday, buoyed by a weaker dollar as well as a fresh tender by Egypt, the world's largest wheat importer. The US Federal Reserve's determination to prevent deflation, revealed on Tuesday, also lent support, given that investors often buy commodities as a hedge against inflation.

Oil falls below $75 a barrel

LONDON: Oil fell below $75 a barrel on Wednesday, reversing earlier gains after government inventory data showed a rise in crude and oil product stocks.

Gold hits record high, above $1,295 an ounce now

* Silver also hit a 2½-yr peak, edges closer to its highest in 30 yrs

LONDON: Gold hit record highs for a fifth consecutive session on Wednesday after the Federal Reserve signalled it stood ready to inject fresh cash into the economy, knocking the dollar and whetting investor appetite for bullion.