SEOUL: South Korea on Tuesday announced a “watch-list” to prevent export of items linked to North Korea’s satellite development, days after Pyongyang launched an intercontinental ballistic missile (ICBM) into the sea between the Korean peninsula and Japan. A total of 77 materials on the list will be banned from export to North Korea via a...
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Author: Business Recorder
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Palm oil may bounce further to 3,931 ringgit
SINGAPORE: Palm oil may bounce further to 3,931 ringgit per tonne, as suggested by its wave pattern and a falling channel. The chart was a bit distorted by a contract switch on March 17. Due to this distortion, market may not fulfil its target of 3,736 ringgit. Indeed, the contract only narrowly missed this target....
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US oil may retest resistance at $67.49
SINGAPORE: US oil may retest a resistance at $67.49 per barrel, a break above which could open the way towards $68.94-$69.84 range. The strong recovery of the market from the Monday low of $64.12 not only violated an expanding wedge, but also suggested the formation of a temporary bottom. There have been frequent bounces seen...
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Brent oil may bounce more to $75.89
Brent oil may bounce more to $75.89 per barrel, following its strong recovery from Monday’s low of $70.12. The recovery suggests the formation of a temporary bottom around $70.41. The bullish divergence on the hourly RSI confirms an oversold market, which is due for a decent bounce. How far this bounce could go is a...
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CBOT soybeans may retest resistance at $14.85
SINGAPORE: The CBOT soybean May contract may retest a resistance at $14.85 per bushel, a break above which could lead to a gain to $14.95-1/2. The strong bounce on Monday confirmed the completion of a wave C. Five smaller waves make up this wave. The wave 4 peaked around $14.95-1/2, which works as a target....
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Spot gold to retest support at $1,971
SINGAPORE: Spot gold is expected to retest a support at $1,971 per ounce, probably to break it and fall into $1,951-$1,964 range. The metal has moved into a consolidation phase. Three waves make up the consolidation. So far, only the first wave has completed. The current wave b may end around $1,984 or extend a...
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China, HK stocks rise as easing banking contagion fears lift sentiment
SHANGHAI: China stocks rose and Hong Kong shares stabilized on Tuesday as fears of global banking contagion eased after investors digested the state-backed rescue deal of Swiss lender Credit Suisse over the weekend. ** China’s blue-chip CSI300 Index climbed 0.4% by the lunch break, while the Shanghai Composite Index gained 0.2%. ** Hong Kong’s benchmark...
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Australian shares jump 1% as banking crisis worries ease
Australian shares jumped 1% on Tuesday tracking global equities, with miners and financials leading gains, as active steps to rescue distressed banks eased fears of a banking crisis and boosted sentiment. The S&P/ASX 200 index jumped 1.06% to 6,971.40 by 2346 GMT, its biggest intraday gain since Jan. 12. The benchmark ended 1.4% lower on...
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Dollar languishes as bank crisis fears ebb on Credit Suisse rescue
SINGAPORE: The dollar regained some ground on Tuesday but was pinned near a five-week low as traders tiptoed back into riskier assets after UBS’ state-backed takeover of Credit Suisse allayed some fears of a widespread, systemic banking crisis. Market sentiment remained fragile, however, as investors struggled to determine the scale of the ramifications from a...
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Oil prices stabilize as banking deal eases some worries about crude appetite
Oil prices stabilised on Tuesday after falling early in the previous session on investor worries that recent banking-sector problems would weigh on the global economy and limit demand for crude. Brent crude futures for May settlement gained 5 cents and traded at $73.84 per barrel by 0049 GMT. US West Texas Intermediate (WTI) crude futures...