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CBOT wheat may rise to $5.75 in three months SINGAPORE: CBOT wheat may rise to $5.75 per bushel over the next three months, as it has failed to break a support at $4.85.The support was provided by the 76.4 percent Fibonacci retracement on the rise from the December 1999 low of $2.22-1/2 to the February 2008 high of $13.34-1/2.Wheat's first failure to break the support was followed by a sharp rebound above the resistance at $6.47-1/4, the 61.8 percent level.It seems a second rebound has been triggered after wheat briefly pierced below $4.85 in April and May. This rebound could be weaker, to end somewhere below $6.47-1/4.A Fibonacci retracement analysis on the fall from the July 23, 2012 high of $9.47-1/4 to the May 5 low of $4.60 reveals that the gain from this low has closely observed the 14.6 percent retracement at $5.31.Similarly, the 23.6 percent level at $5.75 and the 38.2 percent level at $6.46 could work ...

China May sugar imports triple to 520,000 tonnes BEIJING: China, one of the world's top sugar buyers, imported 520,000 tonnes of sugar in May, triple the amount a year earlier, as refiners sought to benefit from cheap global prices.The jump in volumes, which was widely expected after similar imports in April, has been spurred by tumbling global prices that hit their lowest levels in 6-1/2 years earlier this month.China's domestic sugar prices have also recently eased on demand concerns, but remain supported by ...
China copper smelter faces new risk over restructuring HONG KONG: A majority shareholder in a $1.9 billion Chinese copper smelter being built in the port city of Lianyungang faces the risk of a court-ordered restructuring or bankruptcy, marking a new threat to a project still awaiting environmental approval.The smelter, which is due to have a capacity of 800,000 tonne a year, or more than 10 percent of China's copper smelting capacity in 2015, is being built by Jiangsu Universal Copper.The firm is majority ...
Iron ore heads for worst week since April on shaky Chinese steel SINGAPORE: Spot iron ore prices hovered at their lowest since late May and were set to mark their biggest weekly drop in more than two months amid sluggish Chinese steel demand.To cope with poor demand at home, some Chinese steelmakers are selling their output abroad at a loss, according to traders and a producer, as a group of global industry bodies urged governments to take action over rising shipments from China.A slide in Chinese steel ...
Soybeans hit 5-week high on US crop concerns SINGAPORE: Chicago soybean futures jumped to a five-week peak on Wednesday, adding to sharp gains in the previous session, amid worries over US crop conditions and a slower pace of planting.A cut in US crop ratings released this week followed heavy rains in the US Midwest and southern Plains and boosted prices of new-crop soybeans. Corn and wheat also gained.Front-month soybeans on the Chicago Board of Trade were up nearly 1 percent at $9.65-3/4 a ...
Palm slips on uncertainty over Indonesian export levies KUALA LUMPUR: Malaysian palm oil futures fell in tight trade on Wednesday as investors grew uncertain over the implementation of Indonesian palm levies and whether they can effectively fund biodiesel subsidies in the world's top producer.The regulation will require exporters in Indonesia to pay a tax of $50 per tonne of crude palm oil and $30 for processed palm oil product shipments. The proceeds will be used to fund ambitious biodiesel mandates that are slated ...
Gold under pressure as investors await Fed for US rate outlook SINGAPORE: Gold added to overnight losses to hover near $1,180 an ounce on Wednesday as investors waited for a Federal Reserve statement for clues on the timing of a US interest rate hike.Spot gold had eased 0.2 percent to $1,179.01 an ounce by 0655 GMT after dipping 0.4 percent in the previous session. Platinum fell to a six-year low of $1,068.75, while palladium dropped to its lowest since March 31.All eyes will be on the ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln