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Corn set for biggest weekly gain in 17 months on harvest delays SYDNEY: US corn futures rose for a second session on Friday as the grain was set to post its biggest weekly gain in more 17 months due to harvest delayscaused by rain.FUNDAMENTALSChicago Board Of Trade front-month corn is up more than 6 percent for the week, its biggest weekly rally since May 2013. Front-month soybeans rise to be up more than 5 percent for the week, the third straight weekly gain and the biggest weekly rally since August.Front-month wheat gains to be up nearly 4.5 percent for the week, the third consecutive weekly gain and the biggest rally in since April.The US Department of Agriculture said on Tuesday in its latest weekly crop report that the corn harvest was 24 percent completed, compared with the five-year average of 43 percent.The USDA said the soybean harvest was 40 percent complete as of last Sunday. This was well above market expectations but ...


Spot gold target of $1,263 aborted SINGAPORE: A bullish target at $1,263 per ounce has been aborted for spot gold as it may drop to $1,229 first.The rebound from the Oct. 6 low of $1,183.46 has adopted a corrective wave mode, currently divided into three waves, with the first wave labelled a having peaked at the Oct. 10 high of $1,233.20 and the second wave labelled b having bottomed at the Oct. 15 low of $1,221.67.The third wave c has failed ...

LME copper to retest support at $6,524 SINGAPORE: LME copper is expected to retest support at $6,524 per tonne, a break below which will lead to a further loss to $6,444.Support is identified as the 138.2 percent Fibonacci projection level of a downward wave (c) that started at the Sept. 16 high of $6,992. This wave is capable of travelling to $6,444, the 161.8 percent projection level.Resistance is at $6,604, the 114.6 percent projection level, a break above which could cause a ...

LME aluminium to drop to $1,880 SINGAPORE: LME aluminium is expected to drop to $1,880 per tonne, driven by a wave c.This is the third wave of a three-wave cycle that developed from the Sept. 2 high of $2,119, progressing towards $1,824, its 61.8 percent Fibonacci projection level. The weak rebound from the Oct. 16 low of $1,893.50 may end around resistance at $1,935, the 14.6 percent level.Strategically, the target at $1,880 will be confirmed when aluminium drops below support at ...

Shanghai copper to drop to 46,570 yuan SINGAPORE: Shanghai copper is expected to drop to 46,570 yuan per tonne, driven by wave c.This is the third wave of a three-wave cycle that developed from the Aug. 25 high of 50,300 yuan. A Fibonacci projection analysis reveals a support at 46,980 yuan, the 86.4 percent level, which has stopped the wave c again and triggered a moderate rebound.The rebound could have ended around a resistance at 47,280 yuan, the 76.4 percent level, and ...

Palm oil to test resistance at 2,150 ringgit SINGAPORE: Palm oil is expected to test resistance at 2,150 ringgit per tonne, a break above which will lead to a further gain to 2,178 ringgit.Resistance is provided by the 23.6 percent Fibonacci retracement on the rise from the Sept. 2 low of 1,914 ringgit to the Oct. 1 high of 2,223 ringgit, blocking the way towards the 14.6 percent retracement at 2,178 ringgit, the 14.6 percent level.The correction from 2,223 ringgit could have completed, ...

Iron ore falls further as Chinese buying interest stalls SINGAPORE: Spot iron ore prices pulled further away from 3-1/2-week highs as buyers from top importer China stepped back after restocking inventories."Some mills did replenish some stocks after the National Day holidays, but after that the buying interest has slowed," said an iron ore trader in Shanghai, referring to the Oct. 1-7 holidays.Iron ore for immediate delivery to China fell 2.1 percent to $80.50 a tonne on Thursday, according to data compiled by the Steel ...


 



 
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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