Sugar Technicals from Reuters

   

SINGAPORE, Oct. 18 (Reuters) - New York sugar is expected to retrace to a range between 25.42 cents and 26.12 cents per lb as indicated by its wave pattern and a Fibonacci retracement analysis.

A five-wave completion is seen on the rise from 22.49 cents to 28.36 cents, and the current correction is expected to drive the price down to a range formed by the 38.2 percent and 61.8 percent Fibonacci retracement levels.

 A bearish divergence that has formed on the RSI indicator confirms the completion of the five-wave cycle.

Resistance is at 27.80 cents, a break above which would temporarily invalid the bearish outlook.

Sugar Technicals from Reuters

SINGAPORE, Oct 12 (Reuters) - New York sugar is expected to retrace to 25.73 cents per lb as a wave "4" correction has started.

The wave "3" is believed to have completed after touching a high at 27.24 cents, which is around the 261.8 percent Fibonacci projection level, based on the length of wave "1".

The Sept. 29 high at 27.17 cents also serves as a strong resistance to force sugar to retrace towards 25.73, the 38.2 percent Fibonacci retracement level.

Only a rise above 27.24 cents could confirm a resumption of the uptrend towards 29 cents.

Sugar Technicals from Reuters

SINGAPORE, Oct.11 (Reuters) - A bullish target at 27.17 cents per lb for New York sugar is intact, as an upward wave (5) is progressing.

Sugar has successfully stood above the 26.07 cents level, the 76.4 percent Fibonacci retracement on the fall from 27.17 cents to 22.49 cents, confirming a total reversal of the preceding downtrend.

Sugar may overshoot the wave (3) peak at 27.17 cents by penetrating into a range between 27.50 cents and 28 cents and pull back towards 27.17 cents thereafter.

A correction will be limited to a support at 25.50 cents.

Sugar Technicals from Reuters

SINGAPORE, Oct.7 (Reuters) - A bullish target at 24.28 cents a lb for New York sugar <SBc1> is unchanged, as it is riding on an upward wave "5".

A medium-term target is seen at 27.17 cents if the bullish trend holds.

Sugar is expected to rise above a resistance at 24 cents, the neckline of a possible inverted head-and-shoulders, which is commonly interpreted by the market technicians as a bullish reversal pattern.

A rise above 24.28 cents would extend its gain to 24.83 cents - the 50 percent Fibonacci retracement level on the fall from 27.17 cents to 22.49 cents. 

A fall from the current level could be limited to 22.80 cents.

Sugar Technicals from Reuters

SINGAPORE, Oct. 5 (Reuters) - New York sugar is expected to resume an uptrend by rising into a range between 23.80 cents and 24.28 cents per lb, as a bottom could have formed at the Monday's low of 22.49 cents.

The drop from 27.17 cents is classified as a wave (4) retracement which is expected to end around the lower-degree wave "4" bottom at 23.52 cents.

But it seems the wave (4) has traveled slightly lower to 22.49 cents, close to 22.26 cents, the 61.8 percent Fibonacci retracement level on the rise from 19.23 cents to 27.17 cents.

The following rebound will first arrive at 23.80 cents, and then continue to 24.28 cents - the 38.2 percent Fibonacci retracement level on the fall from 27.17 cents to 22.49 cents.

Support is at 23.82 cents, a fall below which will be limited to 22.26 cents. 

 

 

New York sugar may to hover around 23.20 cents per lb

SINGAPORE, Oct 4 (Reuters) - New York sugar may to hover around 23.20 cents per lb, as its sharp correction is expected to complete around that level going by its wave pattern.

The fall from 27.17 cents is labeled as a wave (4) retracement, likely to bottom around the wave "4" trough at 23.52 cents, close to 23.20 cents -- the 50 percent Fibonacci retracement level on the rise from 19.23 cents to 27.17 cents.

A further slip would be limited to 22.26 cents, the 61.8 percent level. Resistance is at 23.82 cents, a rise above which will open the way towards 24.85 cents.

Commodity News Snapshot-Pakistan

 Wheat production target

1.08mt seeds for 25mt wheat required

ISLAMABAD: To achieve the wheat production target of 25 million tonnes, the country requires about 1,085,400 metric tonnes of wheat seeds for the upcoming Rabi Season (October to March) 2010-11, it was learnt on Tuesday.

Gold at new high of Rs 40,750 per tola

KARACHI (September 22, 2010): Gold prices on Tuesday continued soaring up to a new record level of Rs 40, 750 per tola on the local market, traders said. Gold was available at Rs 40,700 per tola a day before and closed with Rs 50 increase while price of gold 10-gram also reached a new high of Rs 34,928 up from Rs 34,885, they said.

THE RUPEE: dollar seen rising

KARACHI (September 22, 2010): Sharp decline was seen in the value of the rupee against dollar on the interbank market on Tuesday due to rising demand for the US currency, dealers said. Amid persisting dollar buying, the rupee was not able to resist its slide, dropping 11 paisa for buying and selling at 85.95 and 85.99, they said.

25 percent regulatory duty on raw sugar to go

ISLAMABAD (September 22, 2010): The Economic Co-ordination Committee (ECC) of the Cabinet on Tuesday decided to withdraw 25 percent regulatory duty on import of raw sugar and allowed private sector to import the commodity. The decision to this effect was taken by the ECC meeting presided over by Finance Minister Dr Abdul Hafeez Sheikh here.

TCP to scrap another sugar tender

KARACHI (September 22, 2010): The Trading Corporation of Pakistan (TCP) is to scrap another sugar import tender of 100,000 tons awarded to China-based company in May 2010, it is learnt. Sources told Business Recorder on Tuesday that China-based company Yunnan, participating in two sugar import tenders, had offered lowest bids and later finalised two separate deals with the TCP for supply of 200,000 tons of sugar.

Cotton spot rate jumped to Rs 7,250; lint prices stable as demand persists

KARACHI (September 22, 2010): Trading activity improved on the cotton market on Tuesday as mills extended buying on expectations of corrective measures and concessions by the government to boost exports, dealers said. The Karachi Cotton Association (KCA) official spot rate was raised by Rs 150 for the second day in a row to Rs 7,250, they said.

 

Bullion Rates

KARACHI (September 22, 2010): Gold and silver rates in rupees per 10 grams prevailing in major cities on Tuesday (September 21, 2010).

International News

Malaysian palm oil dips

KUALA LUMPUR (September 22, 2010): Most vegetable oil prices dipped on Tuesday as traders booked some profits after concerns of dry weather in the Americas and frost in China and Canada drove markets up the previous day. Malaysia's December palm oil dropped 1.3 percent to close at 2,674 Malaysian ringgit, easing from a five-week high on Monday. The most active May soyaoil contract on China's Dalian Commodity Exchange fell 0.2 percent after touching a record high the previous day.

New York sugar falls

NEW YORK (September 22, 2010): ICE benchmark raw sugar futures fell from a seven-month high and closed lower on Monday, unable to sustain their rally, while arabica coffee logged its biggest one-day drop in four weeks. Cocoa futures finished down.

 

Oil slips to around $74

LONDON: Oil fell to around $74 a barrel on Tuesday on concerns over the outlook for the global economy ahead of a key Federal Reserve meeting on US monetary policy.

 

Gold hits new peak

NEW YORK (September 22, 2010): Gold prices climbed to a fourth consecutive record high on Tuesday after the US Federal Reserve inched nearer to taking new steps to stimulate the US economy. Spot gold rose to a new record of $1,290.70 an ounce by 3:56 pm EDT (1956 GMT) from $1,272 prior to the Fed announcement.