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A chart summarizing the overnight price movements of international spot platinum and palladium.March 11 (Futures News) – According to foreign media reports, palm oil futures on the Malaysian Derivatives Exchange (BMD) are likely to open lower on Wednesday morning due to a sharp drop in international crude oil futures. International crude oil futures plunged more than 11% on Tuesday after US President Trump stated that the US-Iran war would end quickly, easing concerns about long-term global supply disruptions. This will likely drag down the early performance of Malaysian crude palm oil futures. Additionally, a stronger ringgit and higher-than-expected Malaysian palm oil inventories are also unfavorable for prices. Data released by the Malaysian Palm Oil Board (MPOB) on Tuesday showed that Malaysian palm oil inventories at the end of February were 2.7 million tons, a 3.94% decrease month-on-month, but higher than the industry expectation of 2.63 million tons. However, improved Malaysian palm oil exports and Indonesias consideration of implementing a B50 biofuel policy will provide a floor for palm oil prices.Amazon (AMZN.O): Will invest A$750 million in Australia to build a robotic logistics center.On March 11, it was reported that on March 10 local time, Samsung Electronics and SK Group announced plans to cancel a total of 20.8 trillion won (approximately US$14.1 billion) of treasury shares.March 11th - Today (March 11th), my countrys independently developed T1200-grade ultra-high-strength carbon fiber will be launched globally for the first time. This breakthrough fills a gap in the global field and marks a significant leap forward for my country in the production of ultra-high-strength carbon fiber. Simply put, T1200-grade carbon fiber has a diameter less than one-tenth the thickness of a human hair, but its tensile strength is 10 times that of ordinary steel, while its density is only one-quarter that of steel, making it remarkably lightweight and strong.

ETH Bulls Need to Avoid Sub-$1,500 to Target $1,700 on FTX Sentiment

Jan 16, 2023 15:42


On Saturday, Ethereum (ETH) gained 6.75%. On Friday, ETH gained 2.54% and closed the day at $1,550. For the first time since November 7, ETH finished the day at $1,500.


ETH rose from a low of $1,449 to a high of $1,598 over the first hour of a bullish trend before turning around. ETH crossed the Major Resistance Levels before slipping down to around $1,505. ETH breached both the Second Major Resistance Level (R2) at $1,505 and the Third Major Resistance Level (R3) at $1,570 during the downturn.


However, after regaining support in the late afternoon, ETH once again crossed R2, closing the day at $1,550.


Bitcoin (BTC) increased by 5.20% on Saturday. After breaking out by 5.70% on Friday, BTC finished the day at $20,966. Notably, BTC crossed the $10,000 threshold for the first time since November 7 and extended its winning run to seven sessions, the longest since March 2022.


BTC climbed from a low of $19,897 to a high of $21,378 over the first hour of a bullish trend before reversing. BTC crossed above both the Second Major Resistance Level (R2) and the First Major Resistance Level (R1) at $20,378 and $20,827, respectively. Nevertheless, the retreat caused BTC to briefly retest R2 and R1 before closing the day at $20,966.

Fed policy bets and reducing the risk of FTX contagion provided support

After a bullish Friday session, the Saturday session got off to a breakout start thanks to reduced FTX contagion risk. The possibility of another FTX-linked crypto site failing was lessened by reports that FTX had $5 billion in cash and cash equivalents and $4.6 billion worth of nonstrategic assets.


The most recent figures indicate that the damages resulting from FTX's collapse may be minimal, even if it could take some time for FTX to make creditors whole.


The prognosis for the US economy and the Fed's monetary policy were both seen favorably by the market. Bets for a 25-basis point increase in interest rates in February have been driven by recent US economic figures. The risk of a harsh landing would decrease with a less aggressive Fed interest rate trajectory.


The Sunday session got off to a bearish start. Investors probably locked in gains after a seven-day winning run before deciding what to do next. More price rises are supported by indicators and favourable conditions. However, regulatory risk and the SEC v. Ripple lawsuit continue to be challenges.


Crypto-negative outcomes include a Ripple defeat to the SEC and a change in the regulatory environment that stifles development and innovation.

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