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Chinese iron ore futures edge up, but outlook gloomy SHANGHAI: Chinese iron ore futures inched up on Wednesday after a five-day losing run, but the gains are likely to be limited due to weak spot prices and cutbacks in output at steel mills.Chinese steel mills have curbed production by bringing forward maintenance after making losses of as much as 200 yuan($32) a tonne, a move that has helped drag spot iron ore prices down to their lowest in 5-1/2 years.Iron ore futures for May delivery on the Dalian Commodity Exchange edged up 0.2 percent to 471 yuan a tonne by the midday break. The price has fallen 7 percent so far this year."Sentiment is too weak right now, with mills cutting output. We don't really expect any good news coming for iron ore before the Lunar New Year holiday," said an iron ore trader in Beijing."The downside room for iron ore could be limited, but the long-term view is ...

CBOT soybeans to retest resistance at $9.83 SINGAPORE: CBOT soybeans March contract is expected to retest a resistance at $9.83 per bushel, following a completion of a five-wave cycle that developed from the Jan. 8 high of $10.62.A further reversal of the cycle is much anticipated. The cycle is a part of a bigger wave C that started at the Dec. 29, 2014 high of $10.68-1/4. A Fibonacci projection analysis on the target of the wave C reveals the resistance at $9.83, ...
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 ...
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 ...

 



 
Index Closing Chg%
Arrow DJIA 17,164.95 1.45
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyNovember
Trade Balance $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 25, 2015
Reserves $15.019 bln