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LME nickel plunges nearly 10pc, gripped by technical selling SYDNEY: London nickel plunged nearly 10 percent on Thursday as light profit-taking triggered a blast of momentum-based sales after supply concerns fuelled a rally of more than 15 percent in the past week. Nickel prices had surged more than 50 percent this year to reach the highest in two years on Tuesday, after top ore supplier Indonesia banned exports in January. But as some investors took profits, traders said chart-based sales were triggered pushing prices down. "The only fundamental argument that prices are overdone and why they would move lower would be that the Indonesian government is going to relax the ban on exports," said analyst Mark Keenan at Societe Generale in Singapore. "(But) when the new government comes in October, it's very unlikely that this is going to be top of their agenda. They have the full support of the trading community and the entire mining community is just ...

Shanghai copper up 2pc; nickel hits new 27-month peak SYDNEY: Shanghai copper rose as much as 2.1 percent on Tuesday on covering of short positions by investors due to tight local supply, while London nickel hit a fresh 27-month peak, underpinned by fears of a worsening supply shortfall. Metals pared early session gains, however, after Chinese investment, retail sales and factory output growth all disappointed in April by hitting multi-year lows, suggesting the world's second-largest economy is still losing steam despite government efforts to ...
Wheat extends decline into fifth session SYDNEY: US wheat futures fell for the fifth session on Tuesday as prices continued to come under pressure from US forecasts for ample global stocks, though confirmation of crop damage in the world's largest exporter reined in losses.Corn was little changed despite the US Department of Agriculture pegging planting progress in excess of market expectations, while soybean prices firmed, rebounding from losses of 1.5 percent the day before.Chicago Board of Trade July wheat futures fell ...
Shanghai copper up 2pc; nickel hits new 27-month peak SYDNEY: Shanghai copper rose as much as 2.1 percent on Tuesday on covering of short positions by investors due to tight local supply, while London nickel hit a fresh 27-month peak, underpinned by fears of a worsening supply shortfall. "The copper market is tight inside and outside China," said Joel Crane, analyst at Morgan Stanley in Melbourne. "Inventories are falling, we are in the midst of peak Chinese demand season, Chinese producers are going to ...
LME nickel up 4pc on supply worries, copper at 2-month top SYDNEY: London nickel jumped nearly 4 percent on Monday, extending a winning streak that has fuelled gains of more than 12 percent this month as investors and consumers buy the metal on prospects of a worsening supply shortfall later in the year. LME copper hit the highest in two months, fuelled by steady buying and short-covering on the LME May contract, traders said. Nickel prices have soared by nearly 50 percent since January due to ...
London copper eases, nickel rallies on return from holiday SYDNEY: London copper edged lower on Tuesday in thin trading as markets reopened after a long holiday weekend, while dwindling nickel supplies after Indonesia's ban of ore exports pushed that metal back towards 15-month highs. London copper has been underpinned by steady second-quarter demand from top consumer China, although it has struggled to find momentum since dropping to its weakest since mid-2010 at $6,321 a tonne on March 19.Still, signs that a US recovery is ...
Nickel prices near 15 month high on supply concerns SYDNEY: London nickel hovered close to 15-month highs on Wednesday, supported by rising prices for nickel ore as Chinese nickel pig iron producers run down their stockpiles after Indonesia banned exports in January.Prices for nickel ore in China have surged this year after Indonesia banned shipments of the raw material which is used to make nickel pig iron (NPI) - a substitute for refined nickel in the country's giant stainless steel industry. Some stainless steel ...

 



 
Index Closing Chg%
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyMay
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln