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Iron ore hit by weak Chinese demand, poor steel outlook  SINGAPORE: Sellers of imported iron ore cargoes in China cut prices for a third day on Tuesday as weak demand pushed down the benchmark rate to a one-week low, as the near-term outlook for the steel market remained weak despite recent gains.   Price offers for iron ore from Australia, Brazil and India dropped by another $1-$2 per tonne, according to Beijing-based consultancy Umetal.   That followed a 2.5 percent fall in the benchmark 62-percent grade iron ore to $103.70 per tonne on Monday, the weakest since Sept. 14, based on data from information provider Steel Index.   Iron ore has recovered from a near three-year low of $86.70 reached earlier this month, on hopes that China's approval of more than $150 billion worth of infrastructure projects would boost steel demand.   But the rebound has since been curtailed by signs end-user demand for steel in China, the world's biggest consumer and producer, remains weak despite a recent ...


Soy rebounds from 6-week low; wheat, corn extend losses  SINGAPORE: Chicago soybean futures bounced back on Tuesday on demand from end-users, recouping some of last session's losses that drove down prices to a six-week low, while pressure from a record pace of US harvest capped gains.   Corn edged lower, falling for a second straight day, while wheat lost more ground on forecasts for rain this week in the US Plains which will aid winter crop planting.   US farmers maintained their record pace of harvesting corn and ...

Spot silver to rise to $37.53 before eyeing $26.11 in 3 months  SINGAPORE: Spot silver may extend its gain to $37.53 per ounce, and then plunge towards $26.11 over the next three months.   The surge from the June 28 low of $26.11 is considered as a part of a three-wave rebound that started at the Sept. 26, 2011 low of $26.04.   This rebound has adopted a flat wave pattern, consisting of three waves roughly equal in length.   The metal is riding on an upward wave c, the third wave of ...

Glencore halts Hong Kong trading ahead of announcement  HONG KONG: Commodities trader Glencore International halted trading in its Hong Kong shares on Tuesday ahead of the release of a price sensitive information, the company said in a stock exchange filing.   The move follows last week's ruling by Britain's takeover regulator, which gave mining group Xstrata Plc a one week extension to decide whether to accept a $36 billion revised offer from Glencore.   The extension - granted at the request of both firms - surprised the ...

Copper rebounds, seen capped by economic worries  SHANGHAI: Copper prices rebounded on Tuesday, after London copper came off a one-week low in the prior session, but gains are expected to be capped by worries over the global economy and on caution ahead of next week's holiday in top metals consumer China.   FUNDAMENTALS   Three-month copper on the London Metal Exchange rose 0.6 percent to $8,231 per tonne by 0112 GMT, after dropping 1.2 percent in the previous session.   The most active January copper contract on the ...

LME copper cautiously bullish over the next 3 months  SINGAPORE: LME copper faces a resistance at $8,536 per tonne, a break above which will trigger a further gain to $8,847, or to $9,350 over the next three months.   The metal is riding on a wave c, the third wave of an extended wave B which started at the Oct. 3, 2011 low of $6,635.   Based on the length of the first wave - the wave a, this wave c, at its full capacity, may travel to ...

Gold steady as stimulus supports outlook  SINGAPORE: Gold inched up on Tuesday, consolidating above a 1-1/2-week low hit in the previous session, as expectations for further strength in the metal tied to recent central bank stimulus measures supported sentiment.   Cash gold dropped half a percent in the previous session, after data showing weak German business sentiment weakened the euro and sent the dollar to a 1-1/2-week high against a basket of currencies, weighing on dollar-priced commodities including gold.   Despite a pullback from a ...


 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln