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Copper reverses early losses; up on bargain hunting, oil SYDNEY: Copper prices traded slightly higher on Monday, reversing losses earlier in the day, with traders saying contracts looked cheap following recent price drops.Copper is down some 13 percent so far this year on worries the market is heading into a supply surplus after several years of deficit, and on slowing economic growth in China, which consumes nearly half the world's copper. A worldwide surplus of 300,000 tonnes is forecast in 2015 by Australia's Bureau of Resource and Energy Economics, equivalent to half a year's output by South Korea."There was some opportunity to buy copper at prices some see as a bargain, the same thinking that drove the market in London (on Friday)," a commodities trader in Sydney said. Stronger oil prices also drew investors into copper after Asian markets opened strongly into a holiday-shortened week and consensus spread that Brent crude futures would likely remain above $60 for the ...

One-time economic engine of Australia in deficit as iron ore sinks SYDNEY: Western Australia state, once the "economic engine" of Australia, on Monday recorded its first budget deficit in 15 years as royalties from iron ore plummet.Western Australia treasurer Mike Nahan said the A$1.28 billion ($1.04 billion) budget deficit stemmed from a fall of more than 40 percent in the iron ore price leading to a A$7.1 billion drop in royalty revenues.A deficit of A$907 million is forecast for next year, with analysts doubtful of any ...
Copper futures drop, oversupply worries drag SYDNEY: Copper prices inched down on Monday, reversing gains from the previous session on concerns over global oversupply. Copper is down some 13 percent so far this year on worries the market is heading into a supply surplus after several years of deficit, and on slowing economic growth in China, which consumes nearly half the world's copper.A worldwide surplus of 300,000 tonnes is forecast in 2015 by Australia's Bureau of Resource and Energy Economics, equivalent ...
LME copper eases in step with oil SYDNEY: London copper was lower on Thursday, shedding modest overnight gains in step with weaker oil, while Shanghai copper futures ended flat, stabilised by a positive economic survey of Chinese companies. Sales, profits, and employment in China improved "a bit" during the second half of the year, the China Beige Book said in a research note distributed to clients, citing findings from its quarterly survey of 2,000 Chinese firms. It noted that wage and job ...
Wheat eases, but stays near 6-month peak on Russian supply worries SYDNEY: US wheat futures fell on Thursday, edging down for the first time in six sessions, although losses were checked by persistent concerns over supply from key exporter Russia.Corn fell after firming more than 0.5 percent in the previous session, while soybeans also slipped.Chicago Board of Trade March wheat futures dipped 0.27 percent to $6.46-3/4 a bushel by 0230 GMT, after ending up 4 percent on Wednesday when prices hit a six-month top of $6.50-3/4 ...
London copper mired near 1-week lows on China worries SYDNEY: London copper slipped on Tuesday to its lowest in a week after factory growth in top metals consumer China shrank in December for the first time in seven months, further curbing investor appetite for risk. Sentiment had already been soured by sliding oil prices, undermining support for metals. Crude prices plunged further on Monday after OPEC once again said it would not cut oil output despite fears of a glut, and a UAE official ...
LME copper shrugs off oil rout; China stimulus hopes support SYDNEY: London copper was steady on Monday, holding up despite a steep drop in crude oil, on expectations that China could move to shore up its economy and on tightening supply. Brent crude futures dropped as much as 2.5 percent on Monday to a new five-year low near $60 a barrel after the International Energy Agency forecast further price falls and OPEC's chief defended the group's decision not to cut its output target."What you're seeing ...

 



 
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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%
MonthlyOctober
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln