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Glencore suspends Australia coal mine as market worsens SYDNEY: Glencore Xstrata will suspend operations at its Ravensworth underground coal mine in Australia following a plunge in coal prices due to a supply glut. The move underscores the plight of coal miners operating in Australia, including AngloAmerican, BHP Billiton and Rio Tinto, which have closed mines and cut staff in recent months to combat worsening conditions.A Glencore spokesman said it was no longer financially viable to operate the Ravensworth mine owing to a combination of lower prices, high production costs, a strong Australian dollar and geological constraints in future mining areas. The mine produced 2.1 million tonnes of semi-soft coking coal in 2013 and will be placed on care and maintenance once work on a longwall section is completed in September, according to the spokesman.The price of coking coal used in steelmaking has tumbled by some $200 per tonne from its 2012 high above $300. Analysts blame the decline ...

London copper firms on signs of improving China demand SYDNEY: London copper firmed on Thursday amid signs of improving demand in China, although caution about the bond and property markets of the world's No.2 economy remained and any further indication of stress there could drag down prices of the metal.Worries about tight credit in China and the possibility of spreading defaults have kept investors on edge since a solar panel maker defaulted on a bond payment earlier this month.London copper plunged to a 3-1/2-year ...
London copper flat; hopes for China stimulus support SYDNEY: London copper was treading water on Tuesday, with the market supported by hopes China will act to support its economy after a survey showed manufacturing contracted in the first quarter. Prices have slid to a stop near last week's three-and-a-half year lows, with traders watching developments in China's credit markets for directional cues, after a bond default by a solar panel maker sparked fears defaults could grow. "Copper is a little bit in pause ...
Copper slips as China factory growth ebbs for fifth month SYDNEY: London copper slipped on Monday on concerns about demand after a private survey showed growth in China's factories slowed for a fifth month, but a pick up in infrastructure spending was expected to put a floor under prices. Activity in China's factories shrank for a fifth straight month in March as output and new orders both weakened, the preliminary survey showed on Monday.Slowing growth in the top user of metals has fuelled concerns that ...
London copper falls on US interest rate signal SYDNEY: London copper fell on Thursday but remained well above 3-1/2 year lows hit the in the previous session, after the US Federal Reserve chair signalled interest rates could rise next year, eroding support for liquidity dependent commodities.The Fed will probably end its massive bond-buying program this fall, and could start raising interest rates around six months later, Fed Chair Janet Yellen said on Wednesday, in a comment that sent stocks and bonds tumbling. By ...
London copper steadies; China worries blunt buying SYDNEY: London copper steadied on Wednesday as persistent worries over growth and credit in top user China dulled buying interest, while Shanghai aluminium fell to a contract low due to overcapacity in China.Worries about spreading bankruptcies in China, after a solar panel-maker defaulted on a bond payment earlier this month, sent copper prices tumbling to three-and-a-half year lows in London, and to four-and-a-half year lows in Shanghai last week. While there is no sign that ...
Wheat steady as US crop damage supports SYDNEY: US wheat futures were little changed in volatile trading on Tuesday as fears of an escalation of the Ukraine crisis eased, while weather-related US crop damage offered support.Soybeans fell, giving back most of Monday's gains, while corn edged lower for a second session and taking its losses over the two days to more than 1.5 percent.Chicago Board of Trade May wheat futures where unchanged at $6.74-1/2 a bushel, having opened up nearly 0.5 percent ...

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln