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Indian gold premiums to stay low in 2014 due to weak demand NEW DELHI: Indian gold premiums will average $3-$4 an ounce over London prices this year, roughly half what they were last year, because of continuing restrictions on imports that will soften demand, the head of the country's biggest gold refiner said on Thursday.Struggling with a high trade deficit, India raised its gold import duty to a record 10 percent last year and made it mandatory to export a fifth of all bullion imports. Gold is India's second-biggest expense on the import bill after oil.The restrictions crimped supply, pushing premiums at one point to about $160 an ounce. Premiums - the difference between local prices and the global benchmark - are a good measure of supply and demand in the market.The drop in demand means MMTC-PAMP's premiums on gold will probably fall to an average of $3-$4 an ounce over London prices this year compared with last year's average of $7-$10, ...

Palm slips to five-year low on talk of defaults on cargoes JAKARTA: Malaysian palm oil futures fell for a seventh-consecutive session to their lowest level in nearly five years on Thursday, with traders citing talk that major consumers in China and India had defaulted on cargoes.Easing crude and competing oilseed prices coupled with a strong ringgit and slowing palm oil exports helped to push palm to its lowest levels since October 2009, with mixed expectations on how long the decline will last."There were rumours of defaults ...
NY sugar may retrace to 15.53 cents SINGAPORE: New York October sugar faces a resistance at 15.78 cents per lb, and may retrace to a support at 15.53 cents.The support and the resistance are respectively provided by the 14.6 percent and the 38.2 percent Fibonacci projection retracements on the fall from the Aug. 12 high of 16.43 cents to the Aug. 20 low of 15.38 cents.A break above the resistance will open the way towards 15.91 cents, the 50 percent retracement while ...
NY cocoa to approach support at $3,198 again SINGAPORE: New York December cocoa may approach a support at $3,198 per tonne again, as indicated by its wave pattern and a Fibonacci retracement analysis. The correction from the Aug. 18 high of $3,269 consists of three waves. So far, only two waves have completed. The third wave labelled c may travel to the trough of the wave a, which is around $3,198, the 50 percent Fibonacci retracement on the rise from the Aug. 1 ...
Palm hovers off five-year lows as buyers remain wary JAKARTA: Malaysian palm oil hovered near five-year lows on Thursday as easing crude and competing oilseed prices coupled with a strong ringgit kept traders wary, although some doubted how long the doldrums would last.Palm sank to its lowest since October 2009 this week, as slowing exports and prospects of near-record US soybean production weighed on the market.By the midday break, the benchmark August contract on the Bursa Malaysia Derivatives Exchange had edged up 0.05 percent ...
CBOT wheat may test resistance at $5.47-1/2 SINGAPORE: CBOT September wheat may test resistance at $5.47-1/2 per bushel, a break above which will lead to a further gain to $5.54.The resistance is provided by the 38.2 percent Fibonacci projection level of an upward wave C that developed from the Aug. 13 low of $5.27-1/4. This wave seems to have a complex structure, consisting of three small waves a, b and c.Wave b may have bottomed around support at $5.35, the 14.6 percent ...
Vietnam beans traded at discounts; no takers for Indonesian coffee SINGAPORE: A few cargoes of Vietnamese robustas changed hands at discounts to London futures this week, with sellers clearing stocks before the next harvest, while high Indonesian bean prices turned off buying interest, dealers said on Thursday. Erratic rains have brought forward the flowering season in Indonesia to July from August, but it remains to be seen if the world's third-largest coffee producer after Brazil and Vietnam will see an early bumper crop next year. ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.311 bln
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WeeklyAugust 15, 2014
Reserves $14.264 bln