MARKET DEVELOPMENT
Commodity Weekly Report April 28 2013
Commodity Weekly Report April 28 2013
29/04/2013 (Borneo Post) - Last Friday, the Bank of Japan held its central meeting and reiterated its support to boost money supply.
However, no finite commitment and directive for next stimulus were indicated, hence bludgeoned the US dollar/Japanese yen market amid rising yen value.
The US Commerce Department also reported growth in first quarter grew 2.5 per cent annual rate but still under forecast.
Dow Jones markets and commodities across the board landed on lower prices amid selling sentiments.
Gold prices reached intraweek highs at 1,485 regions and slumped on Friday to 1,448 areas.
Technically, we reckon the upward correction has ended and may be heading down in coming week.
Moving forward, we expect the prices will re-test 1,400 benchmarks for while waiting for US monetary policy in coming FOMC statement.
However, the unlikely breaking above 1,485 resistances might surge higher to 1,510 targets.
WTI crude prices were making technical recovery while following the gold trend in last week’s ascension.
This week, we foresee the market will be topped at 95 resistances and moving down is more likely to occur for profit taking.
The crude trend may trade weaker till 90 benchmarks if gold prices lead the softer trend.
Abandon your short-view if the trend pierces above 95.00 resistances.
Crude Palm Oil Futures (FCPO) on Bursa Derivatives ended higher last week due to the bargain hunting by the traders.
The recovery also moved inline with the higher WTI crude oil and Soybean prices.
The July contract closed at 2,308 for the weekend.
This week, we expect the market will hold at 2,250 levels while crossing the first resistance 23,40 might effectively ascend higher to 2,420 regions.
Disclaimer: This report is written for general information only. No liability by the writers, publisher or any third party involved in the distribution of this work. Dar Wong and Chong HC are the market strategists in APSRI on CPO markets.
Wong has 22 years of trading and hedging experiences while HC traded for four years and now coaches institutional customers. They can be reached at www.traderpromaster.com.
However, no finite commitment and directive for next stimulus were indicated, hence bludgeoned the US dollar/Japanese yen market amid rising yen value.
The US Commerce Department also reported growth in first quarter grew 2.5 per cent annual rate but still under forecast.
Dow Jones markets and commodities across the board landed on lower prices amid selling sentiments.
Gold prices reached intraweek highs at 1,485 regions and slumped on Friday to 1,448 areas.
Technically, we reckon the upward correction has ended and may be heading down in coming week.
Moving forward, we expect the prices will re-test 1,400 benchmarks for while waiting for US monetary policy in coming FOMC statement.
However, the unlikely breaking above 1,485 resistances might surge higher to 1,510 targets.
WTI crude prices were making technical recovery while following the gold trend in last week’s ascension.
This week, we foresee the market will be topped at 95 resistances and moving down is more likely to occur for profit taking.
The crude trend may trade weaker till 90 benchmarks if gold prices lead the softer trend.
Abandon your short-view if the trend pierces above 95.00 resistances.
Crude Palm Oil Futures (FCPO) on Bursa Derivatives ended higher last week due to the bargain hunting by the traders.
The recovery also moved inline with the higher WTI crude oil and Soybean prices.
The July contract closed at 2,308 for the weekend.
This week, we expect the market will hold at 2,250 levels while crossing the first resistance 23,40 might effectively ascend higher to 2,420 regions.
Disclaimer: This report is written for general information only. No liability by the writers, publisher or any third party involved in the distribution of this work. Dar Wong and Chong HC are the market strategists in APSRI on CPO markets.
Wong has 22 years of trading and hedging experiences while HC traded for four years and now coaches institutional customers. They can be reached at www.traderpromaster.com.