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Palm slips on weak soy, crude; hopes for weaker output supports KUALA LUMPUR: Malaysian palm oil futures edged down on Monday, slipping off a two-week high as losses in overnight soy markets as well as weak crude prices weighed, although optimism that wet weather could cap output in the world's top palm growers provided support.Export demand for Malaysian palm oil held steady, but was still down 11.2 percent for Oct. 1-25 period compared with a month ago, according to data from cargo surveyor Intertek Testing Services. The fall was less steep from early October."The weakness in US soybean oil on Friday night, as well as today's Dalian pushed the palm market lower," said a trader with a foreign commodities brokerage in Kuala Lumpur."But overall, the supportive tone is still prevailing in the market. Now, people are waiting for a clearer picture on October production," the trader added. "Prices are range-trading between 2,150-2,240 ringgit."By the midday break, the benchmark January contract on ...


CBOT wheat to hover around $5.11-1/4 SINGAPORE: CBOT December wheat has found a support at $5.11-1/4 per bushel, and may hover around this level for one day before falling towards the next support at $5.02-3/4.These two supports are identified respectively as the 38.2 percent and the 50 percent Fibonacci retracements on the rise from the Sept. 25 low of $4.66-1/4 to the Oct. 24 high of $5.39-1/4. The drop from this high seems to be too linear to sustain.A fall to ...

NY sugar to retest support at 16.19 cents SINGAPORE: New York March sugar may retest a support at 16.19 cents per lb, as indicated by its wave pattern and a Fibonacci projection analysis.The support was provided by the 76.4 percent Fibonacci projection level of a downward wave c that started at the Oct. 20 high of 16.89 cents. This wave seems to be only partially completed, as it is capable of travelling to 15.97 cents, the 100 percent projection level. The lower channel ...

Spot gold may break support at $1,228 SINGAPORE: Spot gold may retest support at $1,228 per ounce, a break below which will lead to a further loss to $1,219.Support is provided by the 38.2 percent Fibonacci retracement on the uptrend from the Oct. 6 low of $1,183.46 to the Oct. 21 high of $1,255.20. It has triggered a weak rebound which seems to have ended around the 30 percent level at $1,234.Strategically, a drop to $1,226 will confirm a break below support ...

LME copper drifts lower as supply pick-up pressures prices SYDNEY: London copper drifted on lower Monday after closing last week little changed, as a strike at Peru's biggest copper mine failed to undercut confidence that improving supply will eclipse a seasonal uptick in demand.China's copper product makers typically ramp up ahead of the Christmas and Lunar New Year gift-giving seasons, but demand has been fragile this year due to flickering growth in the euro zone that is a further drag on already slowing activity ...

LME aluminium may bounce to $1,985 SINGAPORE: LME aluminium may rebound further to $1,985 per tonne, as it has cleared a resistance at $1,966.The resistance was provided by the 38.2 percent Fibonacci retracement on the rise from the Oct. 2 low of $1,885 to the Oct. 22 high of $2,015.75. After approaching a support at $1,950, the 50 percent level, aluminium failed to fall further, instead, it started a bounce.This bounce could be due to the development of the right shoulder ...

Shanghai copper may drop to 46,620 yuan SINGAPORE: Shanghai copper third month may drop to 46,620 yuan per tonne as it may have completed a rebound around resistance at 47,320 yuan.Resistance is provided by the 114.6 percent Fibonacci projection level of a downward wave c that has presumably started at the Aug. 25 high of 50,750 yuan. Strengthening resistance is another similar one that was established by the upper channel line of a falling channel.Copper has been basically falling within this channel ...


 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
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WeeklyOctober 27, 2014
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