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Shanghai copper to retest support at 49,260 yuan SINGAPORE: Shanghai copper is expected to retest support at 49,260 yuan per tonne, a break below which will lead to a further loss to 48,710 yuan.The support is provided by the 50 percent Fibonacci retracement on the rise from the June 9 low of 46,940 yuan to the July 4 high of 51,580 yuan.The next support will be at 48,710 yuan, the 61.8 percent retracement.The depth of the fall from 51,580 yuan signals a reversal of the uptrend, as a result, copper may not hover above the current support very long.A further bounce from the current level may be limited to 49,810 yuan, the 38.2 percent retracement.The views expressed are his own.No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the ...


Palm oil still targets 2,250-2,268 ringgit range SINGAPORE: A bearish target range of 2,250-2,268 ringgit per tonne remains unchanged for palm oil , as indicated by its wave pattern and a Fibonacci projection analysis. Palm oil is riding on a wave 3, which has been temporarily disrupted by a support at 2,298 ringgit, the 100 percent level. However this wave is capable of travelling to 2,220, its 161.8 percent projection level.Before it fulfils the target, palm oil is expected to reach the ...

CBOT soybeans target $10.42-1/2 SINGAPORE: CBOT soybeans November contract may break a support at $10.72-1/2 per bushel and fall more towards $10.42-1/2, as it has approached this level again.The support is provided by the 223.6 percent Fibonacci projection level of a downward wave 3 that developed from the June 26 high of $12.46-1/4. This wave could have resumed after a pause around the support.Strategically, the target at $10.42-1/2 will be confirmed when soybeans drop below their July 11 low ...

CBOT corn targets $3.51-1/4 to $3.58-3/4 range SINGAPORE: CBOT September corn is expected to drop into a range of $3.51-1/4 to $3.58-3/4 per bushel, driven by a wave 5.This is the final wave of a five-wave cycle that developed from the June 23 high of $6.53. A Fibonacci projection analysis on the target of the preceding wave 3 reveals that the wave 5 has traveled below a support at $3.68, the 376.4 percent projection level.The next two supports are at $3.58-3/4 and ...

Gold holds above $1,300 as geopolitical risks eyed SINGAPORE: Gold steadied above the $1,300 an ounce support level on Monday, aided by anticipation of increased geopolitical risks as the United States began demanding answers from Russia after a Malaysian plane was downed in eastern Ukraine.Spot gold was little changed at $1,311.64 an ounce by 0302 GMT, after dropping 0.5 percent on Friday. Trading volumes were thin as Japanese markets were closed.The metal jumped 1.4 percent on Thursday when news of the downed Malaysian ...

CBOT wheat targets $4.99-3/4 SINGAPORE: A bearish target at $4.99-3/4 per bushel has been established for CBOT September wheat, as it has broken below a support at $5.32-1/4 again.The support was provided by the 76.4 percent Fibonacci projection level of a downward wave c, which started at the June 9 high of $6.37-3/4. The break below this support signals a continuation of the downtrend towards $4.99-3/4, the 100 percent projection level.Strategically, the target at $4.99-3/4 will be confirmed when ...

Commodity markets rattled by Ukraine airplane disaster LONDON: Global commodity markets were gripped this week by the Malaysian air crash, which has dramatically raised tensions between Russia a key producer of many raw materials and the West.The doomed Malaysia Airlines MH17 flight, which crashed killing 298 people on Thursday, was "likely downed" by a surface-to-air missile fired from separatist-held eastern Ukraine, a US envoy said Friday.Investor sentiment was already hit by broadened US sanctions on Russian energy, defence and financial firms to ...


 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyMay
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln