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Iron ore hits 5-1/2 year low on slowing China demand SHANGHAI/LONDON: Spot iron ore fell to a fresh 5-1/2 year low on Tuesday, on further evidence Chinese steel mills are cutting output, curbing demand for the raw material, and as low-cost producers increased output.China eliminated 31.1 million tonnes of steel production capacity last year, higher than expected, a senior official of the industrial ministry said, as Beijing seeks to ease overcapacity and improve air quality.Beijing has also set a target of eliminating 27 million tonnes of steel output this year.Benchmark 62 percent grade iron ore for immediate delivery to China fell 0.8 percent to $62.80 a tonne, its lowest since May 2009, according to data compiled by the Steel Index.Iron ore futures for May delivery on China's Dalian Commodity Exchange fell 0.2 percent to 470 yuan a tonne, down a fifth straight day."We maintain a longer-term bearish view on iron ore. The combination of weakness in China's steel industry and ...

China's 2014 gold imports from Hong Kong fall from record SINGAPORE: China's gold imports from Hong Kong fell nearly a third in 2014, data showed on Tuesday, as the top consumer's appetite waned after record purchases in the previous year.Net gold imports from main conduit Hong Kong dropped to 813.13 tonnes last year from 1,158.16 tonnes in 2013, according to data e-mailed to Reuters by the Hong Kong Census and Statistics Department.That is still the second highest on record, and well ahead of imports of ...
Palm snaps 4-day decline; remains near six-week low on slow demand JAKARTA: Malaysian palm oil futures rebounded on Tuesday to snap four days of declines but remained not far off their lowest in almost six weeks as a big domestic crop, poor demand and weak competing oil prices put pressure on the edible oil.By the close, the benchmark April contract had gained 0.28 percent to 2,172 ringgit ($597) per tonne, after touching 2,151 ringgit in early trade, the contract's lowest point since Dec. 19.Traded volume stood ...
India starts selling cotton to cut back large stockpiles MUMBAI: India on Tuesday kicked off a sale of government cotton stockpiles, putting a first tranche of 5,100 bales up for auction.The state-run Cotton Corp of India (CCI) is being forced to sell cotton into a weak market as it struggles to store purchases of around 5 million bales made in the current crop season. It typically sells stocks in phases through electronic auctions.The decision by India, the world's second-biggest producer of cotton, to sell ...
Malaysian floods to prove longer-term boon for palm yields KUALA LUMPUR/SINGAPORE: Recent flooding in Malaysia is expected to dent palm oil output in the first quarter but should lead to higher yields for the rest of the year, putting pressure on prices in a well supplied market.The worst floodwaters in decades that inundated oil palm estates across Malaysia last month have receded in most plantations and crop-friendly sunny weather is returning, industry officials and traders said.Higher palm oil output in Malaysia, the world's second ...
Gold extends losses to 3rd day on stronger equities SINGAPORE: Gold fell for a third straight session on Tuesday, with profit taking driving it further off five month highs as its safe haven appeal diminished with equity markets strengthening and the US dollar at an 11-year peak against a basket of major currencies.Spot gold eased 0.2 percent to $1,278.41 an ounce by 0344 GMT. The metal fell 1.6 percent in the previous two sessions, after hitting a five-month high of $1,306.20 on Thursday.Edward Meir, ...
China iron ore futures fall for 5th day, spot sinks to 5-1/2-year low SHANGHAI: China's iron ore futures dropped for a fifth straight day on Tuesday as steel mills cut output, curbing demand for the raw material and dragging spot prices to their lowest in more than 5-1/2 years.The lower iron ore prices and rising imports from Australia and Brazil have forced a growing number of Chinese mines to suspend production, including a state-owned one in northern Hebei province, industry sources said.Li Wenjing, an analyst with Industrial Futures ...


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 25, 2015
Reserves $15.019 bln