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London copper set for weekly rise on seasonal China demand SYDNEY: London copper edged down on Friday, but was on track for its biggest weekly rise in two months as China demand recovers in the fourth quarter, although expectations of swelling supply kept gains in check.FUNDAMENTALSThree-month copper on the London Metal Exchange had slipped 0.3 percent to $6,676 a tonne by 0045 GMT, paring gains of 1 percent from the previous session. LME copper prices were set to advance by 0.6 percent for the week in their biggest weekly rise since late August.The most-traded January copper contract on the Shanghai Futures Exchange climbed 0.5 percent to 47,260 yuan ($7,723) a tonne in overnight trade.New claims for US unemployment benefits held below 300,000 for a sixth straight week last week, suggesting the labour market was shrugging off jitters over a slowing global economy.Euro zone businesses performed much better than forecasters expected this month and China's vast factory sector grew a shade ...


US oil to approach low of $79.78 SINGAPORE: US oil may approach its Oct. 16 low of $79.78 per barrel again, a break below which will lead to a further loss to $78.A re-labelling of the waves suggests that the rebound from $79.78 was due to the completion of a three-wave cycle that developed from the Sept. 30 high of $94.90.Given that the rebound could be divided into another three small waves labelled a, b and c, this rebound seems to be ...

Brent oil still targets $82.87 SINGAPORE: A bearish target at $82.87 per barrel remains unchanged for Brent oil, as indicated by its wave pattern and a Fibonacci projection analysis.Oil is riding on a wave C that developed from the June 19 high of $115.71. This wave is capable of travelling to $77.70, its 100 percent Fibonacci projection level. It has been disrupted by a support at $82.87, the 86.4 percent projection level.The rebound triggered by the support is labelled as ...

Spot gold targets $1,219 SINGAPORE: Spot gold has found a temporary support around $1,228 per ounce, and may hover above this level for half a trading session before falling towards the next support at $1,219.The depth of the fall from the Oct. 21 high of $1,255.20 suggests a reversal of the uptrend from the Oct. 6 low of $1,183.46. Even if this trend could extend, gold may still have a better chance of falling into a range of $1,211-$1,219, ...

LME copper to test support at $6,643 SINGAPORE: LME copper is expected to test a support at $6,643 per tonne, as it failed to break a resistance at $6,712. The resistance is identified as the 61.8 percent Fibonacci retracement on the fall from the Oct. 14 high of $6,825 to the Oct. 17 low of $6,530. Copper has failed twice to overcome this barrier, signalling a completion of the rebound from $6,530. The metal has broken a support at $6,678, ...

LME aluminium to fall more to $1,966 SINGAPORE: LME aluminium is expected to fall more to $1,966 per tonne, as it has broken a support at $1,985.The support was provided by the 23.6 percent Fibonacci retracement on the rise from the Oct. 2 low of $1,885 to the Oct. 22 high of $2,016. The next support will be at $1,966, the 38.2 percent retracement. A bounce from the current level could be limited to $1,985, now a resistance.Eventually, aluminium may fall into ...

Shanghai copper still targets 46,620 yuan SINGAPORE: Shanghai copper third-month is expected to drop to 46,620 yuan per tonne, as it failed to break a resistance at 47,320 yuan.The resistance is provided by the 114.6 percent Fibonacci projection level of a downward wave c that has presumably started at the Aug. 25 high of 50,750 yuan. A rebound triggered by the support at 46,620 yuan, the 138.2 percent level, could be ending around the resistance.The wave c may soon resume towards ...


 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln