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Iron ore prices at new 5-1/2 year low as rout takes hold SHANGHAI/LONDON: Spot iron ore prices hit a new 5-1/2 year low on Thursday as more signs emerged of slowing Chinese economic growth, although iron ore and steel futures in China edged higher on interest from bargain hunters.A deepening iron ore glut and worries over a sharper economic slowdown in top buyer China will drive the average 2015 price for the steelmaking ingredient to a record low of $68 a tonne, a Reuters poll showed.China plans to cut its growth target to around 7 percent this year, its lowest goal in 11 years."We see weakness going into the Chinese New Year and probably a bit of a lift afterwards. The Chinese steel mills and iron ore traders we just surveyed are looking to restock a bit," said Bart Jaworski, analyst at Davy Research.He added, however, the firm's survey found a "resounding bearishness" for iron ore prices over the next 12 months.Benchmark ...

CBOT wheat to fall more to $4.80 SINGAPORE: CBOT March wheat is expected to fall further to $4.80 per bushel, as it has broken a support at $5.06-3/4.The support was provided by the 86.4 percent Fibonacci retracement on the uptrend from the Sept. 25, 2014 low of $4.80 to the Dec. 18, 2014 high $6.77. It is the last barrier towards $4.80. The lower channel line of a falling channel points a similar target.A rise above $5.06-3/4 could signal the break below ...
TOCOM pulls back from 2-week high on weaker oil prices TOKYO: Benchmark Tokyo rubber futures dropped on Thursday, pulling back from a two-week high hit the previous day, due to weaker oil prices and a higher yen as well as nagging worries about global oversupply.Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, have been hovering between 190 and 220 yen so far this year amid concerns about a glut of supply and weak demand in top consumer ...
NY cocoa to drop more to $2,664 SINGAPORE: New York March cocoa is expected to drop to $2,664 per tonne, as it has broken a support at $2,732.The support was provided by the 50 percent Fibonacci projection level of a downward wave C, the third wave of a three-wave cycle that developed from the Sept. 25, 2014 high of $3,349.The next support will be at $2,664, the 61.8 percent level, a break below which will open the way towards $2,581, the 76.4 ...
Palm oil at 6-week low on slowing demand, weaker energy SINGAPORE: Malaysian palm oil slid more than 3 percent on Thursday as the market snapped two sessions of gains to drop to its lowest in almost six weeks, under pressure from plentiful global edible oil supplies and slowing demand.Crude oil prices at six-year lows have reduced the appeal of vegetable oils in making renewable fuels, while local palm oil yields are expected to improve later in the year."Palm oil has been unable to hold on ...
Palm climbs more on weakening ringgit, traders wary JAKARTA: Malaysian palm oil rose for a second day on Wednesday, recouping some of its recent losses, but traders were wary and questioned how far the recovery could go since demand remained weak."Today is a technical retracement," said a trader at a foreign commodities brokerage in Kuala Lumpur, adding that a weakening in the ringgit on Wednesday had provided support.The improvement in palm prices on Wednesday was a reaction to the decline of more than ...
TOCOM rises to 2-week high amid lacklustre trade TOKYO: Benchmark Tokyo rubber futures rose to a 2-week high on Wednesday, following a mid-day gain in Shanghai futures, but trade was lacklustre and further gains were capped on profit-taking, dealers said.Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, started on a weak note in early trade, but a sudden gain in mid-day trade in Shanghai prompted fresh buys, said Jiong Gu, analyst at Yutaka Shoji Co.The ...


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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