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Palm surges to near 12-week high as soyoil, Malaysia policy support JAKARTA: Malaysian palm oil climbed to its highest level in almost 12 weeks on Wednesday, supported by gains in competing oilseed markets and on expectations the country's palm oil demand would increase because of a new biodiesel policy, traders said.In competing vegetable oil markets, the U.S. soyoil contract for December edged up 1.65 percent in early Asian trade, while the most active January soybean oil contract on the Dalian Commodities Exchange rose 2.12 percent.Malaysia announced the "B7" mandate on Tuesday, to increase the amount of palm oil in biodiesel from 5 percent to 7 percent from November, as the world's No. 2 palm grower tries to reduce stockpiles and prop up prices that have fallen nearly 20 percent this year."These are all positive factors for the market," said a trader with a foreign commodities brokerage in Kuala Lumpur, adding that the onset of heavy rains in Malaysia's monsoon season would ...


Gold steadies as investors expect cautious stance by Fed LONDON: Gold steadied near $1,230 an ounce on Wednesday as investors awaited guidance from the U.S. Federal Reserve, widely expecting it to reaffirm willingness to wait for an extended period before raising interest rates.The Fed, which wraps up a two-day policy meeting later on Wednesday, is widely expected to end its two-year-old bond-buying stimulus, known as quantitative easing, as the U.S. economy gathers momentum.Fed officials have also stressed, however, that they are in no hurry ...

Grains prices rise on concerns about US soymeal shortage HAMBURG/SINGAPORE: Chicago soybeans and corn rallied on Wednesday on concerns that farmers are selling little of the new US soybean crop, seriously reducing supply at crushing mills and pushing up soymeal prices.Wheat firmed on spillover support from soybeans and corn plus unfavourable weather in some leading wheat exporting countries."The markets are being supported by the quite phenomenal rally we are seeing in soymeal, which is creating spillover buying in soybeans, corn and wheat," said Ole ...

Palm prices seen rising to 2,300-2,500 rgt in Jan-March- analyst Mielke KUALA LUMPUR: Palm oil futures could rise to between 2,300 ringgit ($703) and 2,500 ringgit per tonne in the first quarter of next year, leading vegetable oil analyst Thomas Mielke said on Wednesday.Benchmark palm oil futures are currently trading at 11-week highs of around 2,234 ringgit."My forecast for January to March is for crude palm oil futures at 2,300-2500 ringgit, but if energy prices appreciate, then the stage is set for higher prices," Mielke, editor ...

NY cocoa may fall more to $2,893 SINGAPORE: New York Dec. cocoa may fall more to $2,893 per tonne, as it has broken a support at $2,947.The support was provided by the 61.8 percent Fibonacci projection level of a wave C, the third wave of a three-wave cycle that started at the Sept. 25 high of $3,399. The next support will be at $2,893, the 76.4 percent level.The wave C is capable of traveling to $2,806, the 100 percent projection level. The ...

NY coffee to test resistance at $1.9430 SINGAPORE: New York December coffee is expected to test a resistance at $1.9430 per lb, as its fall from the Oct. 13 high of $2.2545 has completed.The fall has adopted a five-wave mode, and all the five waves have unfolded. A more convincing signal is that the fifth wave labelled 5 has bottomed around a support at $1.8690, the 61.8 Fibonacci retracement on the rise from the July 15 low of $1.6310 to $2.2545.Coffee is ...

NY sugar may rise to 16.43 cents SINGAPORE: New York March sugar may break a resistance at 16.19 cents per lb and rise more to 16.43 cents, as indicated by its wave pattern and a Fibonacci projection analysis.A correction from the Oct. 9 high of 17.20 cents has completed, as a Fibonacci projection analysis reveals that the first and third component waves of the correction, labelled a and c respectively, are roughly equal in length.The analysis also reveals a resistance at 16.19 ...


 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJuly-June
Trade Balance $-19.98 bln
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Imports $45.11 bln
WeeklyOctober 27, 2014
Reserves $13.464 bln