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Thailand rice scheme losses $9.9bn and rising BANGKOK: Thailand has so far lost 320 billion baht ($9.9 billion) from a 16-month rice support scheme and the final cost will rise substantially, the state bank that helped manage the scheme said on Wednesday, citing Finance Ministry estimates. The estimated loss was as at end-May, Bank of Agriculture and Agricultural Cooperatives (BAAC) President Luck Wajananawat told Reuters. The figure would rise as the rice had been bought by the former government at well above market prices, but was now being sold for much less as it was deteriorating in quality, he said. "The total losses will be estimated later since we need to compare the price the government paid when it bought rice from farmers and the prices the government sells the rice at," he said. Luck estimated the government still owed BAAC about 750 billion baht in debt related to the scheme. "The government plans to set aside ...

Iron ore drops again, but China stimulus hopes may support SINGAPORE: Iron ore retreated further after a spike higher at the start of the week, reflecting continued pressure from a well-supplied market, but reports that China is moving to stimulate a slowing economy may support prices. Iron ore has fallen 37 percent this year as growth in supply from low-cost producers Australia and Brazil has outstripped demand in China, the biggest buyer of the steelmaking commodity. Benchmark 62 percent grade iron ore for immediate delivery ...
NY sugar may rebound to 13.90 cents SINGAPORE: A bearish target at 13.43 cents per lb has been temporarily aborted for New York October sugar as it has managed to stabilize around a support at 13.54 cents.The support has been formed around the 323.6 percent Fibonacci projection level of a downward wave 3, the third wave of a five-wave cycle starting from the Aug. 22 high of 16.05 cents. The next support will be at 13.43 cents, the 338.2 percent projection.A small ...
Spot gold to gain more to $1,249 SINGAPORE: Spot gold may gain further to $1,249 per ounce, as a rebound from the Sept. 15 low of $1,225.30 has not completed.The rebound was triggered by support at $1,226, the 150 percent Fibonacci projection level of a downward wave C that developed from the Aug. 8 high of $1,322.60.A part of this wave has been unfolding in a falling channel. The current rebound could be towards the upper channel line, which is about $1,249, ...
LME copper to retest resistance at $6,991 SINGAPORE: LME copper is expected to retest resistance at $6,991 per tonne, as a five-wave cycle rising from the Sept. 16 low of $6,810 has not completed. So far, only four waves have unfolded and the current wave 4 may end around $6,915. The fifth, labelled 5, will then take over to travel towards $6,991, the 50 percent Fibonacci retracement on the fall from the July 8 high of $7,212 to the Sept. 11 low ...
LME aluminium may retrace to $2,018 SINGAPORE: LME aluminium may retrace to $2,018 per tonne, as it failed to break a resistance at $2,037. The resistance is provided by the 38.2 percent Fibonacci retracement on the fall from the Sept. 8 high of $2,118 to the Sept. 15 low of $1,987. A pullback could have been triggered, towards the trendline which fell from $2,118 and points a target at $2,018, the 23.6 percent retracement. A break above $2,037 will open the ...
Shanghai copper to test resistance at 49,760 yuan SINGAPORE: Shanghai copper is expected to test a resistance at 49,760 yuan per tonne, a break above which will lead to a further gain to 50,190 yuan.The resistance is provided by the 50 percent Fibonacci retracement on the fall from 51,580 yuan, an hourly chart high touched on July 3, to the Sept. 15 low of 47,940 yuan.Copper seems to have stabilized around a support at 49,330 yuan, the 38.2 percent retracement. Chances are it ...


Index Closing Chg%
Arrow DJIA 17,265.99 0.64
Arrow Nasdaq 4,593.43 0.68
Arrow S&P 2,011.36 0.49
Arrow FTSE 6,819.29 0.57
Arrow DAX 9,798.13 1.41
Arrow CAC-40 4,464.70 0.75
Arrow Nikkei 16,067.57 1.13
Arrow H.Seng 24,168.72 0.85
Arrow Sensex 27,112.21 1.81

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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln