Monthly Commodity Markets Roundup

Jul 2013

Markets performance
Units July2013 % chg % chg
(MoM) (Year to
date)
Index
Vegetable oils
SBO @ CBOT US c/ lb 42.09 -9.33% -14.38% > Market performance
CPO @ BMD MYR / T 2,236.00 -4.61% -8.29%
RBD Olein, FOB, Mly US$ /T 740.00 -5.73% -7.21% > Market Brief
SBO, FOB, Arge US$ /T 840.00 -5.08% -23.64%
Sunoil, Ex NWE /T 1,060.00 -13.11% -16.21%
Rapeoil, FOB, Dutch > Market visuals
/T 735.00 -12.50% -18.33%
CPO, cif, Rotterdam Spreads Corner
/T 870.00 0.00% 7.41%
CSBO degummed, Ex NWE Macroeconomic gauge
/T 730.00 -4.45% -15.31%
Softs and Plantations Traders position (NCN) vs. Price
Sugar 11 @ ICE 16.97 3.60% -13.02%
Price charts - Agriculture
USc /lb
Rubber @ TOCOM JPY /kg 240.30 1.69% -20.56%
Price charts - Energy
Cocoa @ ICE US$ /T 2,298.00 4.74% 2.77%
Price charts - Indices
Coffee C @ ICE USc /lb 118.60 -1.17% -17.52% Price charts Currency & Treasury
Tea, Best BP1, Kenya US$ / kg 3.88 19.02% -11.01%
yield
Energy and Metals
Crude oil @ NYMEX US$ /barrel 105.03 8.77% 14.39%
Gold spot US$ /troy oz 1,322.49 7.25% -21.01%
Silver spot US$ /oz 19.80 0.97% -34.68%
Copper @ LME US$ /T 6,880.00 1.93% -13.25%
Aluminum @ LME US$ /T 1,804.00 1.75% -12.98%
Zinc @ LME US$ /T 1,843.00 -0.54% -11.39%
Indices
DJIA 15,499.54 3.96% 18.28%
FTSE 100 6,621.06 6.53% 12.26%
Strait times 3,221.93 2.27% 1.73%
S&P GSCI 638.64 4.47% -1.23%
Currencies
US Dollar Index 81.4500 -2.03% 2.11%
GBP / USD 1.5200 -0.03% -6.43%
EUR / USD 1.3300 2.24% 0.80%
USD / JPY 97.8600 -1.27% 12.82%
USD / SGD 1.2700 0.20% 4.04%
USD / MYR 3.2400 2.75% 6.15%
USD / BRL 2.2800 2.01% 11.18%
 Monthly Commodity Market Roundup Jul 2013
Market Brief
Vegetable oils
Vegetable oils markets stumbled in July with improved seed oil production prospects for MY 2013/14. Bean
oil declined the most with increase in supplies from South America and less detrimental climatic conditions
in US supporting the standing soybean crop. Expectations of good rapeseed harvest in EU and higher
production anticipation from Canada and Australia coupled with expected bounce in sunflower output in
Russia and Ukraine pressurized soft oil prices. Palm oil prices traded in a choppy manner with downside
bias as export demand in July failed to enthuse buyers. Anticipated bounce in palm oil output in the second
half of the year was also a factor.
Global production of eight major oils for MY 2013/14 is forecasted to increase by 6.22 million tons year on
year following a bounce in seed oil output. Seed oil production is forecasted to increase by 3.1 million tons
y/y for MY 13/14, compared to a y/y decline of 0.77 million tons observed in previous year. Combined
output of palm oil (Palm and Palm kernel oil) is forecasted to increase by 3.18 million tons during the same
period.
Global consumption of eight major oils is forecasted to grow by 5 million tons for MY 13/14 to 162.3 million
tons. Consumption growth in food and feed use segment is expected at 3.68 million tons while
consumption growth in industrial segment including biodiesel production is forecasted at 1.32 million tons.
On account of higher production growth relative to consumption growth, vegetable oil stocks are forecasted
to increase further in MY 13/14 to 20.6 million tons from 18.7 million tons in MY12/13.

Global vegetable oil production forecasts Global vegetable oil consumption trend and y/y chg, in mln.T
qty in mln.T 2010/11 2011/12 2012/13 2013/14 y/y chg
9 180
Vegetable oil production 8 160
Soybean oil 41.3 42.3 43.0 44.6 1.66
7 140
consumption chg y/y

Rapeseed oil 23.5 24.3 24.5 24.5 0.03

6
Sunflower oil 12.4 15.3 14.1 14.9 0.75 120

veg oil consmptn, mln.T

5
Groundnut oil 5.1 5.1 5.3 5.3 0.07 100
Cottonseed oil 5.0 5.3 5.3 5.3 -0.03 4
80
Olive oil 3.3 3.2 2.7 3.3 0.61 3
Oilseed based, Sub total 90.5 95.5 94.8 97.8 3.09 60
2
Palm oil 48.7 51.9 55.3 58.1 2.79 1 40
Palm Kernel oil 5.7 6.0 6.4 6.8 0.39 20
0
Coconut oil 3.8 3.5 3.8 3.7 -0.01
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
-1 0
Plantation based, Sub total 58.2 61.4 65.5 68.6 3.17
Total Production 148.7 156.9 160.2 166.5 6.26 Food/Feed use chg y/y Industrial use chg y/y total consmptn, mln.T

Global vegetable oil ending stocks (mln.T) and stocks to use (%) Malaysian palm oil q/q production growth
25 13% 100% 6
13%
80% 5

qtrly production in mln.T

q/q %chg in production

20 12%
60% 4
ending stocks in mln.T

12%
stocks to use, %

15 11% 40% 3
11%
20% 2
10 10%
0% 1
10%
5 9% -20% 0
9%
-40% -1
q1-2001
q3-2001
q1-2002
q3-2002
q1-2003
q3-2003
q1-2004
q3-2004
q1-2005
q3-2005
q1-2006
q3-2006
q1-2007
q3-2007
q1-2008
q3-2008
q1-2009
q3-2009
q1-2010
q3-2010
q1-2011
q3-2011
q1-2012
q3-2012
q1-2013

0 8%
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013

all veg oil stocks stocks to use, all veg oils, RHS q/q growth, %, LHS qtrly prodtn, in mln.T, RHS

Source: MPOB, USDA, Reuters and Pacrim research

-2- Pacific Rim Plantation Services Pte Ltd

 Monthly Commodity Market Roundup Jul 2013

Market Visuals
Spreads corner
CPO CIF vs ULSD and PME SBO FOB vs. RBD Olein FOB

Coconut oil vs Palm kernel oil CPO CIF vs. CPKO CIF

Sugar white premium Brent crude premium over WTI, Brent @ICE vs. WTI @ NYMEX

Source: Reuters and Pacrim research

-3- Pacific Rim Plantation Services Pte Ltd

 Monthly Commodity Market Roundup Jul 2013

Macroeconomic gauge
Unemployment rate in US, UK, EURO ZONE, Germany and JPY (%) Manufacturing index in US, GBP, JPY, Germany and China (% y/y)

Automobile sales in US and China US survey indexes, ISM mgf and services, CB consumer confidence

Current Account deficit, in % to GDP Consumer price inflation (YoY), %

Source: Reuters, IMF and Pacrim research

-4- Pacific Rim Plantation Services Pte Ltd

 Monthly Commodity Market Roundup Jul 2013

Traders positions (Non-commercial Net) vs. Price

Soybean at CBOT Soybean oil at CBOT

1800
250

Speculative Net Speculative Net

60
Close price,RHS Close price,RHS

price, USc/bushel
1400

50

price, USc/lb
150

50
'000 lots

'000 lots
1000

40
0
50

30
0

600

-50
-50

2007 2009 2011 2013 2007 2009 2011 2013

Corn at CBOT Crude oil at NYMEX

400

140
800
Speculative Net Speculative Net
Close price,RHS Close price,RHS
price, USc / bushel

300

price, US$/barrel
300

600

60 80 100
'000 lots

'000 lots
200
100

400

100
0

40
200

2007 2009 2011 2013 2007 2009 2011 2013

Gold at COMEX Wheat at CBOT
1800

-20 0 20 40 60

Speculative Net Speculative Net

Close price,RHS Close price,RHS

price, USc / bushel

600 800 1000
price, USD / t.oz
1400
200
'000 lots

'000 lots
1000
100
50

400
600

-60

2007 2009 2011 2013 2007 2009 2011 2013

Sugar No:11 at ICE Cotton No:2 at ICE
200
50 100 150 200

Speculative Net Speculative Net

80
30

Close price,RHS Close price,RHS

20 40 60

price, USc / lb
150
price, USc/lb
25
'000 lots

'000 lots
20

100
15

0
0

-20
10

50

2007 2009 2011 2013 2007 2009 2011 2013

Source: CFTC and Pacrim research

-5- Pacific Rim Plantation Services Pte Ltd

 Monthly Commodity Market Roundup Jul 2013
Price charts - Agriculture
CPO futures at BMD, weekly continuous SBO futures at CBOT, weekly continuous
@:FCPOc3 - Weekly 8/2/2013 Open 2175, Hi 2284, Lo 2137, Close 2258 (3.4%) EMA(Close,15) @:BOc1 - Weekly 8/2/2013 Open 43.6, Hi 43.68, Lo 42.03, Close 42.38 (-2.8%) EMA(Close,15)
70.0
4,200

60.0
3,600
48.9356
48.7762
50.0
3,000 46.7603
2,846.42
2,443.59 42.38
40.0
2,330.73
2,400
2,258
30.0
1,800

20.0
1,200
2005 2006 2007 2008 2009 2010 2011 2012 2013 2005 2006 2007 2008 2009 2010 2011 2012 2013
@:FCPOc3 - Stochastic %D(9,3,3) = 20.11, Stochastic %K(9,3) = 20.06 @:BOc1 - Stochastic %D(9,3,3) = 6.68, Stochastic %K(9,3) = 3.77 100.0
90.0
80.0
70.0
60.0
50.0
40.0
30.0
20.1133 20.0
10.0 6.67503
20.0621
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Soybean futures @ CBOT, weekly continuous Corn futures @ CBOT, weekly continuous
@:Sc1 - Weekly 8/2/2013 Open 1345.5, Hi 1387, Lo 1328.5, Close 1331 (-1.4%) EMA(Close,15) @:Cc1 - Weekly 8/2/2013 Open 492, Hi 499.75, Lo 475.25, Close 476 (-3.3%) EMA(Close,15)
1,800
800
1,600
1,469.66
700
664.26
1,465.91
1,400 619.709
1,331 600
597.986
1,288.78
1,200
500
476
1,000
400
800
300
600
200
2005 2006 2007 2008 2009 2010 2011 2012 2013 2005 2006 2007 2008 2009 2010 2011 2012 2013
@:Sc1 - Stochastic %D(9,3,3) = 38.73, Stochastic %K(9,3) = 13.70 100.0 @:Cc1 - Stochastic %D(9,3,3) = 17.27, Stochastic %K(9,3) = 1.78 100.0
80.0 80.0
60.0 60.0
40.0
38.7296 40.0
20.0
13.7015 20.0
17.2664
0.0 1.78457
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Rubber Rss3 futures at TOCOM, weekly continuous Sugar No:11 futures at ICE, weekly continuous
@:JRUc6 - Weekly 8/2/2013 Open 250.9, Hi 252, Lo 238.7, Close 248.1 (-1.4%) EMA(Close,15) 540.0 @:SBc1 - Weekly 8/2/2013 Open 16.45, Hi 17.08, Lo 16.38, Close 16.79 (1.9%) EMA(Close,15)
36.0

480.0
30.0
420.0

360.0 24.0
307.312 22.6607
265.574
300.0 17.9489
253.762 16.8087
18.0
248.1
240.0 16.79

180.0 12.0

120.0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2005 2006 2007 2008 2009 2010 2011 2012 2013
@:JRUc6 - Stochastic %D(9,3,3) = 38.52, Stochastic %K(9,3) = 51.16 @:SBc1 - Stochastic %D(9,3,3) = 26.67, Stochastic %K(9,3) = 43.14
90.0 90.0
70.0 70.0
51.1572 50.0
50.0 43.1372
38.5245 30.0
30.0 26.6688
10.0 10.0
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Wheat futures @ CBOT, weekly continuous Cotton futures @ ICE, weekly continuous
@:Wc1 - Weekly 8/2/2013 Open 650.25, Hi 667.5, Lo 648.25, Close 660.5 (1.6%) EMA(Close,15) @:CTc1 - Weekly 8/2/2013 Open 85.56, Hi 85.88, Lo 84.85, Close 85.32 (-0.1%) EMA(Close,15)
220.0
1,200 200.0
180.0
1,000
160.0
715.854 140.0
680.423
800
675.184 120.0
660.5 100.0
600 98.3822
85.32
80.0
84.8113
400 60.0
83.1778
40.0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2005 2006 2007 2008 2009 2010 2011 2012 2013
@:Wc1 - Stochastic %D(9,3,3) = 26.23, Stochastic %K(9,3) = 20.73 90.0 @:CTc1 - Stochastic %D(9,3,3) = 46.73, Stochastic %K(9,3) = 48.44 100.0
70.0 80.0
48.4414
60.0
50.0 46.7278
40.0
30.0
26.2297 20.0
10.0
20.7303
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Source: Reuters and Pacrim research

-6- Pacific Rim Plantation Services Pte Ltd

 Monthly Commodity Market Roundup Jul 2013
Price Charts Energy and Metals
Brent Crude oil, US$ / barrel, weekly Natural Gas at NYMEX,
@:LCOc1 - Weekly 8/2/2013 Open 107.19, Hi 110.09, Lo 105.73, Close 108.95 (1.7%) EMA(Close,15) @:NGc1 - Weekly 8/2/2013 Open 3.515, Hi 3.52, Lo 3.33, Close 3.347 (-5.9%) EMA(Close,15) 16.0
140.0
14.0
120.0
12.0
108.95
107.483
100.0 10.0
106.271
100.407
80.0 8.0

3.82058
6.0
60.0
3.71424
3.63225
4.0
40.0 3.347
2.0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2005 2006 2007 2008 2009 2010 2011 2012 2013
@:LCOc1 - Stochastic %D(9,3,3) = 86.70, Stochastic %K(9,3) = 82.44 90.0 @:NGc1 - Stochastic %D(9,3,3) = 16.95, Stochastic %K(9,3) = 13.24 90.0
86.6956
70.0
82.4401 70.0
50.0 50.0
30.0 30.0
16.9469
10.0
10.0
13.2448
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Gold, weekly, US$ / oz Silver, weekly, USc/oz.

@:GCc1 - Weekly 8/2/2013 Open 1328.4, Hi 1338.4, Lo 1283, Close 1310.6 (-0.8%) EMA(Close,15) @:SIc1 - Weekly 8/2/2013 Open 19.895, Hi 20.05, Lo 19.395, Close 19.903 (0.7%) EMA(Close,15)
48.0
1,800

1,472.89 42.0
1,600
1,463.12
1,353.07
1,400 36.0
1,310.6
1,200 30.0
27.5879
25.1918
1,000 24.0
21.5372
19.903
800 18.0

600 12.0

400 6.0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2005 2006 2007 2008 2009 2010 2011 2012 2013
@:GCc1 - Stochastic %D(9,3,3) = 43.26, Stochastic %K(9,3) = 52.33 @:SIc1 - Stochastic %D(9,3,3) = 27.72, Stochastic %K(9,3) = 32.20 100.0
90.0
80.0
70.0
52.3313 60.0
50.0 32.1953
43.2557 40.0
30.0 27.7174
20.0
10.0
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Copper at LME, 3M forward, weekly, US$ /T Zinc at LME, 3M forward, weekly, US$/T
MCU3 - Weekly 8/2/2013 Open 6880, Hi 7050, Lo 6735, Close 7005 (2.1%) EMA(Close,15) = 7,080.24 MZN3 - Weekly 8/2/2013 Open 1847, Hi 1884, Lo 1834, Close 1865 (0.5%) EMA(Close,15) = 1,881.03
10,000
4,200
9,000
7,928.72
7,405.54
8,000 3,600
7,080.24
7,000
7,005
3,000
6,000
2,100.39
2,400
1,924.99
5,000
1,881.03
4,000 1,865
1,800

3,000
1,200
2,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2005 2006 2007 2008 2009 2010 2011 2012 2013
MCU3 - Stochastic %D(9,3,3) = 28.33, Stochastic %K(9,3) = 31.03 90.0 MZN3 - Stochastic %D(9,3,3) = 34.22, Stochastic %K(9,3) = 29.00
90.0
70.0 70.0
50.0
31.0306 50.0
30.0
28.3308 34.2171
30.0
10.0 28.9954
10.0
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Aluminium at LME, 3M forward, weekly, US$ /T Lead at LME, 3M forward, weekly, US$/T
MAL3 - Weekly 8/2/2013 Open 1801, Hi 1830, Lo 1776, Close 1809 (0.8%) EMA(Close,15) = 1,844.95 MPB3 - Weekly 8/2/2013 Open 2058, Hi 2130, Lo 2030, Close 2121 (3.5%) EMA(Close,15) = 2,084.90

3,200 3,600

2,800 3,000

2,211.1
2,400 2,400
2,121.74
2,167 2,121
1,918.6 2,084.9
1,800
2,000
1,844.95
1,809
1,200
1,600

600
2005 2006 2007 2008 2009 2010 2011 2012 2013 2005 2006 2007 2008 2009 2010 2011 2012 2013
MAL3 - Stochastic %D(9,3,3) = 23.89, Stochastic %K(9,3) = 21.48 MPB3 - Stochastic %D(9,3,3) = 27.26, Stochastic %K(9,3) = 28.40 100.0
90.0
80.0
70.0
60.0
50.0 28.4047
40.0
30.0
23.8929 27.263
20.0
10.0
21.4797 0.0
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Source: Reuters and Pacrim research

-7- Pacific Rim Plantation Services Pte Ltd

 Monthly Commodity Market Roundup Jul 2013
Indices, weekly charts
DowJones Industrial Average, US S & P 500, US
16,000
.DJI - Weekly 8/2/2013 Open 15557.1, Hi 15658.4, Lo 15479.1, Close 15658.4 (0.6%) EMA(Close,15) .INX - Weekly 8/2/2013 Open 1690.32, Hi 1709.67, Lo 1681.86, Close 1709.67 (1.1%) EMA(Close,15)
15,658.4 1,709.67
15,158.1
15,000 1,640.84
1,600
14,496.5 1,563.8
14,000

13,000 1,400
12,191.7
12,000 1,301.18

11,000 1,200

10,000
1,000
9,000

8,000
800
7,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2005 2006 2007 2008 2009 2010 2011 2012 2013
.DJI - Stochastic %D(9,3,3) = 91.27, Stochastic %K(9,3) = 97.09 .INX - Stochastic %D(9,3,3) = 92.53, Stochastic %K(9,3) = 98.02
91.2664
90.0 92.5295
90.0
70.0 70.0
50.0 50.0
30.0 30.0
10.0 10.0
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FTSE-100, UK Strait Times Index, Singapore

.FTSE - Weekly 8/2/2013 Open 6554.79, Hi 6696.63, Lo 6544.14, Close 6647.87 (1.4%) EMA(Close,15) 4,000
.FTSTI - Weekly 8/2/2013 Open 3233.69, Hi 3268.63, Lo 3218.5, Close 3254.13 (0.6%) EMA(Close,15)
6,647.87
6,600
6,466.27
3,500
6,292.93
6,000 3,254.13
5,726.2 3,241.29
3,000
5,400 3,210.38
3,004.26
2,500
4,800

4,200 2,000

3,600 1,500
2005 2006 2007 2008 2009 2010 2011 2012 2013 2005 2006 2007 2008 2009 2010 2011 2012 2013
.FTSE - Stochastic %D(9,3,3) = 67.64, Stochastic %K(9,3) = 77.76 .FTSTI - Stochastic %D(9,3,3) = 44.33, Stochastic %K(9,3) = 54.90 100.0
90.0
77.7553 80.0
70.0
67.6376 54.9017
60.0
50.0 44.3253
40.0
30.0
20.0
10.0 0.0
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Shangai Composite Index, China NSE NIFTY, India

.SSEC - Weekly 8/2/2013 Open 1997.84, Hi 2047.08, Lo 1965.36, Close 2029.42 (0.9%) EMA(Close,15) .NSEI - Weekly 8/2/2013 Open 5869.95, Hi 5886, Lo 5649, Close 5677.9 (-3.5%) EMA(Close,15)
5,868.43
6,000
5,795.59
6,000
5,677.9
5,000 5,434.34
5,000

4,000
4,000

2,563.03
3,000
2,177.94 3,000
2,106.65
2,029.42
2,000
2,000

1,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2005 2006 2007 2008 2009 2010 2011 2012 2013
.SSEC - Stochastic %D(9,3,3) = 33.85, Stochastic %K(9,3) = 33.84 .NSEI - Stochastic %D(9,3,3) = 58.04, Stochastic %K(9,3) = 49.12
90.0 90.0
70.0 70.0
58.0399
50.0
50.0
33.8472 49.1221
30.0
30.0
33.8409
10.0 10.0
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S & P Goldman Sachs Commodity Index, weekly VIX (Volatility Index)

.SPGSCI - Weekly 8/2/2013 Open 636.38, Hi 649.31, Lo 629, Close 642.745 (0.9%) EMA(Close,15) 900 .VIX - Weekly 8/2/2013 Open 13.54, Hi 14.14, Lo 11.98, Close 11.98 (-5.8%) EMA(Close,15) =
90.0

800 80.0

70.0
700
642.745 60.0
600
639.018
50.0
634.501
614.428
500 40.0

400 30.0
20.3251
14.8214
20.0
300 14.1251
11.98
10.0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2005 2006 2007 2008 2009 2010 2011 2012 2013
.SPGSCI - Stochastic %D(9,3,3) = 84.65, Stochastic %K(9,3) = 78.31 100.0 .VIX - Stochastic %D(9,3,3) = 8.13, Stochastic %K(9,3) = 2.20
84.6487
80.0 80.0
78.3114
60.0 60.0
40.0 40.0
20.0 20.0
8.1346
0.0
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com

Source: Reuters and Pacrim research

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 Monthly Commodity Market Roundup Jul 2013
Currencies, weekly charts
US Dollar Index spot GBP / USD
.DXY - Weekly 8/2/2013 Open 81.603, Hi 82.494, Lo 81.407, Close 81.908 (0.3%) EMA(Close,15) GBP= - Weekly 8/2/2013 Open 1.5377, Hi 1.5413, Lo 1.5101, Close 1.5287 (-0.6%) EMA(Close,15)
2.100
102.0
2.000
96.0
1.900

90.0 1.800

1.700
1.57599
82.4596
84.0
1.54639
81.908 1.600
1.53012
81.8761
78.0 1.5287
79.6148 1.500

1.400
72.0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2005 2006 2007 2008 2009 2010 2011 2012 2013
.DXY - Stochastic %D(9,3,3) = 50.26, Stochastic %K(9,3) = 36.76 90.0 GBP= - Stochastic %D(9,3,3) = 42.47, Stochastic %K(9,3) = 53.11 90.0
70.0 70.0
53.1062
50.0
50.2552 50.0
42.4746
30.0
36.7646 30.0
10.0 10.0
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EUR / USD USD / JPY

RD-EUR= - Weekly 8/2/2013 Open 1.3273, Hi 1.3344, Lo 1.3188, Close 1.3281 (0.0%) EMA(Close,15) RD-JPY= - Weekly 8/2/2013 Open 98.08, Hi 99.94, Lo 97.56, Close 98.93 (0.7%) EMA(Close,15)
1.600
120.0
1.500

110.0
1.400
1.34064
1.3281 100.0
1.300 98.93
1.31126
98.4789
1.30708
94.0029
1.200 90.0

85.0491
1.100
80.0

2005 2006 2007 2008 2009 2010 2011 2012 2013 2005 2006 2007 2008 2009 2010 2011 2012 2013
RD-EUR= - Stochastic %D(9,3,3) = 57.16, Stochastic %K(9,3) = 72.57 RD-JPY= - Stochastic %D(9,3,3) = 62.12, Stochastic %K(9,3) = 62.18 100.0
90.0
72.5668 62.1802
80.0
70.0
57.1577 62.1213
60.0
50.0
40.0
30.0 20.0
10.0 0.0
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USD / SGD USD / MYR

SGD= - Weekly 8/2/2013 Open 1.2631, Hi 1.2768, Lo 1.2618, Close 1.2712 (0.6%) EMA(Close,15) MYR= - Weekly 8/2/2013 Open 3.212, Hi 3.259, Lo 3.212, Close 3.256 (1.5%) EMA(Close,15) =
3.800
1.700 3.700

3.600
1.600
3.500

1.500 3.400

3.300
1.400 3.256
3.200
3.14832
1.28901
1.300 3.100
3.13307
1.2712 3.10766
1.2602 3.000
1.200
1.25041
2005 2006 2007 2008 2009 2010 2011 2012 2013 2005 2006 2007 2008 2009 2010 2011 2012 2013
92.4379
SGD= - Stochastic %D(9,3,3) = 60.54, Stochastic %K(9,3) = 59.19 90.0 MYR= - Stochastic %D(9,3,3) = 87.83, Stochastic %K(9,3) = 92.44 100.0
87.8276
80.0
70.0
60.545 60.0
50.0
59.1866 40.0
30.0
20.0
10.0
0.0
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10 year treasury yield, North America 10 year treasury yield, EU

Source: Reuters and Pacrim research

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 Monthly Commodity Market Roundup Jul 2013

Disclaimer: The research presented in this document is based on the information obtained from sources
we believe to be reliable, but we do not make any representation or warranty nor accept any responsibility
or liability as to its accuracy, completeness or correctness. Nothing contained herein shall be construed as
a recommendation to buy or sell cash commodities, commodity futures or options on futures.

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