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Copper under pressure as supply rises and outlook dims SYDNEY: London copper was under pressure from a deteriorating fundamental outlook on Monday after hitting its lowest level in six months in the previous session, hurt by worries over the end of US monetary stimulus and rising stocks. Copper has some of the weakest fundamentals among base metals as a wave of fresh supply works its way into the market. "Copper is looking weak from a supply and demand perspective," said a metals trader in Sydney. The trader said last week's 17.5 percent increase in copper inventories monitored by the Shanghai Futures Exchange was pulling the metal down. Three-month copper on the London Metal Exchange had dropped 0.5 percent to $6,606 by 0211 GMT, after closing on Friday at $6,640.00, up 1.3 percent on the day following a modest bounce from the six-month low. The most traded December copper contract on the Shanghai Futures Exchange was little changed at 47,120 ...

Shanghai copper still targets 46,570 yuan SINGAPORE: Shanghai copper still targets 46,570 yuan per tonne, as indicated by its wave pattern and a Fibonacci projection analysis.The metal is riding on a wave c, the third wave of a three-wave cycle that developed from the Aug. 25 high of 50,300 yuan. This wave is capable of travelling to 46,570 yuan, its 100percent Fibonacci projection level, which was narrowly missed on Oct. 17.The moderate rebound from the Oct. 17 low of 46,700 yuan ...

Palm oil to retest resistance at 2,150 ringgit SINGAPORE: Palm oil is expected to retest a resistance at 2,150 ringgit per tonne, a break above which will lead to a further gain to 2,178 ringgit. A three-wave cycle rising from the Sept. 2 low of 1,914 ringgit has not completed, with the third wave labelled (c) having just started. This wave could approach the peak of the first wave at 2,223 ringgit, a high touched on Oct.1. A Fibonacci retracement on the first ...

CBOT soybeans to drop to $9.41-1/4 SINGAPORE: CBOT soybeans November contract is expected to fall to $9.41-1/4 per bushel, as it has cleared a support at $9.50.The drop on Oct. 17 has confirmed a completion of the rebound from the Oct. 1 low of $9.04. A Fibonacci retracement analysis on the rise from this low to the Oct. 15 high of $9.78-1/2 reveals several key levels, such as $9.50, $9.41-1/4 and $9.32-1/2, respectively the 38.2 percent, the 50 percent and the ...

Gold eases as dollar, equities recover on strong US data SINGAPORE: Gold ticked lower on Monday as strong US economic data allayed fears about a slowdown in the global economy and dimmed the metal's safe-haven appeal, while supporting equities and the dollar.Spot gold had slipped $1 to $1,236.60 an ounce by 0306 GMT, easing for a third straight session. The metal, however, has gained nearly 4 percent in the past two weeks and hit a one-month high of $1,249.30 on Wednesday.Japanese stocks led a rally ...

Iron ore futures gain as Chinese port stocks fall to lowest since April SINGAPORE: Iron ore futures in China and Singapore advanced on Monday after stockpiles of the steelmaking raw material at Chinese ports fell to the lowest since April, helping ease some concerns in a market that had been hammered by bountiful supply.Stocks of imported iron ore at China's main ports dropped 1.35 million tonnes to 107.9 million tonnes as of Oct. 17, according to industry consultancy SteelHome that tracks the data.The decline in port stocks since ...

China Sept coal output falls 7pc yr/yr SHANGHAI: China's coal production fell 7 percent from a year ago to 292 million tonnes in September, according to an industry website that cited data from the National Bureau of Statistics. Total output in the first nine months of 2014 stood at 2.85 billion tonnes, down 1.3 percent from a year ago.Copyright Reuters, 2014


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