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Copper firms on China output cuts, demand worries cap gains LONDON: Copper firmed on Tuesday on news of output cut plans in top metal user China, but gains were capped by data showing China's factory activity slowed in November, underlining the headwinds facing demand. Ten major copper smelters in China, which consumes nearly half the world's copper, said they would cut output by 350,000 tonnes next year, and also asked the government to buy metal for its strategic stockpile. The news follows similar moves already announced by China's nickel and zinc makers. "These factors taken together can at least stem the (copper price) slide but the market wants to see evidence that it's happening and not just a verbal intervention from producers," said Julius Baer analyst Carsten Menke."In the medium to longer term, metals are well supplied and we don't see any reason for a lasting recovery in prices. You still have headwinds from the (China) manufacturing and property markets," ...

India Maharashtra's Oct-Nov sugar output up 17pc MUMBAI: India's top sugar producing Maharashtra state has churned out 1.22 million tonnes of sugar in the first two months of the 2015/16 marketing year that started on Oct. 1, up nearly 17 percent from a year ago, a state government official told Reuters."Many mills in the state started operation earlier this year. This has been reflecting in production numbers," the official said, who declined to be named.A first back-to-back drought in nearly three decades ...

Spot gold to test resistance at $1,076 SINGAPORE: Spot gold is expected to test resistance at $1,076 per ounce, a break below which could lead to a gain to the next resistance at $1,103. The metal seems to have stabilised around support at $1,049, the 61.8 percent Fibonacci projection level of a downward wave C, which is the third wave of a three-wave cycle from the Jan. 22 high of $1,306.20.The bullish divergence on the daily RSI suggests the downtrend has become ...

LME aluminium's target of $1,432.50 aborted SINGAPORE: A bearish target at $1,432.50 per tonne has been temporarily aborted for LME aluminium as it failed to break support at $1,448.Support is provided by the 7 percent level Fibonacci retracement on the fall from the Sept. 9 high of $1,655.50 to the Nov. 23 low of $1,432.50, working as the last barrier towards $1,432.50. The metal's failure to break support suggests an extension of the bounce from $1,432.50. However, such an extension could ...

Shanghai copper to rise to 35,840 yuan SINGAPORE: Shanghai copper is expected to rise to 35,840 yuan per tonne, as it has broken a resistance at 34,810 yuan.The resistance was provided by the 23.6 percent Fibonacci retracement on the fall from Oct. 15 high of 40,200 yuan to the Nov. 24 low of 33,150 yuan. The next resistance will be at 35,840 yuan, the 38.2 percent level.The bounce from 33,150 yuan seems to have extended. However, a break above 35,840 yuan could ...

Palm oil to test resistance at 2,401 ringgit SINGAPORE: Palm oil may test resistance at 2,401 ringgit per tonne, as indicated by a Fibonacci projection analysis and a triangle.Resistance is provided by the 23.6 percent Fibonacci projection level of an upward wave C, the third wave of a three-wave cycle from the Aug. 25 low of 1,863 ringgit. This wave could at least travel to 2,488 ringgit, the 38.2 percent level.A triangle forming between Sept. 29 and Nov. 27 has been confirmed as ...

CBOT soybeans to climb to $8.95-1/4 SINGAPORE: CBOT soybeans March contract is expected to climb to $8.95-1/4 per bushel, as it has cleared a resistance at $8.77-3/4.These are the 14.6 percent and 23.6 percent Fibonacci projection levels of a downward wave C, which is the third wave of a three-wave cycle from July 14 high of $10.50-1/4.The current bounce from Nov. 23 low of $8.44-1/4 may end around $8.95-1/4, as the wave C does not seem to be complete. A break ...


Index Closing Chg%
Arrow DJIA 17,888.35 0.95
Arrow Nasdaq 5,156.31 0.93
Arrow S&P 2,102.63 1.07
Arrow FTSE 6,395.65 0.62
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Arrow CAC-40 4,914.53 0.87
Arrow Nikkei 20,012.40 1.34
Arrow H.Seng 22,381.35 1.75
Arrow Sensex 26,169.41 0.09

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Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
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WeeklyNovember 30, 2015
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