Thursday, January 30, 2014

Investors ditch zinc for lead as supply tightens

* Forward curve shows physical tightening in lead
* Some investors going long lead, short on zinc
* Lead seen in deficit in 2014, zinc in surplus




Investors ditch zinc for lead as supply tightensSome investors are switching long zinc positions to lead on the view that others got the timing wrong on when zinc would feel the impact of dwindling mine supplies, analysts say.
The increasing scarcity of immediate supply for lead and the more plentiful spot market for zinc - the best performing industrial metal of 2013 - is showing up in near-term forward curves of the metals, moving in opposite directions.
"We think the zinc story is reasonably strong but we don't think it's a 2014 story," Hermes Fund Managers' metals analyst Joseph Murphy said.
Spread and ratio trades between the two metals, often found in the same mines, is a top play among investors and traders.
They piled into zinc last year, betting on shortages from big operations such as Australia's Century mine, the world's No. 3. The mine, owned by China's MMG Ltd , is due to see output drop this year and run out of ore in mid-2015. 
"Fundamentally zinc is improving, but over a longer time frame. Lead has more solid fundamentals now," Standard Bank analyst Leon Westgate said. "Lead should outperform zinc by some margin (in the coming weeks)."
Lead usually sees more demand in the winter as car batteries often go dead in cold weather and need to be replaced.
"We have a moderately constructive outlook for lead heading into 2014 a function of healthy auto sales growth in the U.S. and China, higher industrial battery demand growth in China, ongoing mine production challenges and flat Chinese refined lead production," Deutsche Bank analyst Grant Sporre said in a note.
Cash zinc had been at a premium to the three month contract of $9.50 a tonne at the start of the year, indicating shortages, but this has flipped to a discount of $13.60.
Lead, by contrast, has trimmed its cash-three month discount to $14.39 a tonne from $28.50 at the start of 2014.
The broader supply-demand balances also favour lead.
"There's been quite a lot of interest ... in putting the spread trade back on where you are long the lead leg and short the zinc leg," Hermes Fund Managers' Murphy said.
"We think zinc is overpriced at current levels and we expect it to underperform, particularly against the likes of lead over the next few weeks," he said.
The gap between the price of the two metals narrowed to $87 on Jan. 9 from nearly $200 a month earlier as cheaper zinc moved closer to lead, but it has since moved back to about $150.
Murphy is targeting the spread to move to $170-$180, not to the widest gaps of last year of over $200.
The price of benchmark zinc on the London Metal Exchange gained 12 percent from late November to last Wednesday, but has since shed more than 4 percent.
The lead market is expected to have a deficit of 22,000 tonnes by the end of this year, deepening to 51,000 tonnes in 2015, according to consensus forecasts of analysts polled by Reuters.
Zinc, on the other hand, is forecast to have a 96,000 tonne surplus this year, narrowing to 17,500 tonnes in 2015.

Wednesday, January 29, 2014

Marc Faber Warns "Insiders Are Selling Like Crazy... Short US Stocks, Buy Treasuries & Gold"

Beginning by disavowing Mario Gabelli of any belief that rising stock prices help 'most' people ("Fed data suggests half the US population has seen a 40% drop in wealth since 2007"), Marc Faber discusses his increasingly imminent fears of the markets in this recent Barron's interview.
Quoting Hussman as a caveat, "The problem with bubbles is that they force one to decide whether to look like an idiot before the peak, or an idiot after the peak. There's no calling the top," Faber warns there are a lot of questions about the quality of earnings (from buybacks to unfunded pensions) but "statistics show thatcompany insiders are selling their shares like crazy."
His first recommendation - short the Russell 2000, buy 10-year US Treasuries ("there will be no magnificent US recovery"), and miners and adds "own physical gold because the old system will implode. Those who own paper assets are doomed."
Via Barron's,
Faber: This morning, I said most people don't benefit from rising stock prices. This handsome young man on my left said I was incorrect. [Gabelli starts preening.] Yet, here are some statistics from Gallup's annual economy and personal-finance survey on the percentage of U.S. adults invested in the market. The survey, whose results were published in May, asks whether respondents personally or jointly with a spouse have any money invested in the market, either in individual stock accounts, stock mutual funds, self-directed 401(k) retirement accounts, or individual retirement accounts. Only 52% responded positively.
Gabelli: They didn't ask about company-sponsored 401(k)s, so it is a faulty question.
Faber: An analysis of Federal Reserve data suggests that half the U.S. population has seen a 40% decrease in wealth since 2007.
In Reminiscences of a Stock Operator [a fictionalized account of the trader Jesse Livermore that has become a Wall Street classic], Livermore said, "It never was my thinking that made the big money for me. It was always my sitting. Got that? My sitting tight." Here's another thought from John Hussmann of the Hussmann Funds: "The problem with bubbles is that they force one to decide whether to look like an idiot before the peak, or an idiot after the peak. There's no calling the top, and most of the signals that have been most historically useful for that purpose have been blaring red since late 2011."
I am negative about U.S. stocks, and the Russell 2000 in particular. Regarding Abby's energy recommendation, this is one of the few sectors with insider buying. In other sectors, statistics show that company insiders are selling their shares like crazy, and companies are buying like crazy.
Zulauf: These are the same people.
Faber: Precisely. Looking at 10-year annualized returns for U.S. stocks, the Value Line arithmetic index has risen 11% a year. The Standard & Poor's 600 and the Nasdaq 100 have each risen 9.4% a year. In other words, the market hasn't done badly. Sentiment figures are extremely bullish, and valuations are on the high side.
But there are a lot of questions about earnings, both because of stock buybacks and unfunded pension liabilities. How can companies have rising earnings, yet not provision sufficiently for their pension funds?
Good question. Where are you leading us with your musings?
Faber: What I recommend to clients and what I do with my own portfolio aren't always the same. That said, my first recommendation is to short the Russell 2000. You can use the iShares Russell 2000 exchange-traded fund [IWM]. Small stocks have outperformed large stocks significantly in the past few years.
Next, I would buy 10-year Treasury notes, because I don't believe in this magnificent U.S. economic recovery. The U.S. is going to turn down, and bond yields are going to fall. Abby just gave me a good idea. She is long the iShares MSCI Mexico Capped ETF, so I will go short.
...
What are you doing with your own money?
Faber: I have a lot of cash, and I bought Treasury bonds.
...
Faber: I have no faith in paper money, period. Next, insider buying is also high in gold shares. Gold has massively underperformed relative to the S&P 500 and the Russell 2000. Maybe the price will go down some from here, but individual investors and my fellow panelists and Barron's editors ought to own some gold. About 20% of my net worth is in gold. I don't even value it in my portfolio. What goes down, I don't value.
...
Which stocks are you recommending?
Faber: I recommend the Market Vectors Junior Gold Miners ETF [GDXJ], although I don't own it. I own physical gold because the old system will implode. Those who own paper assets are doomed.
Zulauf: Can you put the time frame on the implosion?
Faber: Let's enjoy dinner tonight. Maybe it will happen tomorrow.
...
There is a colossal bubble in assets. When central banks print money, all assets go up. When they pull back, we could see deflation in asset prices but a pickup in consumer prices and the cost of living. Still, you have to own some assets. Hutchison Port Holdings Trust yields about 7%. It owns several ports in Hong Kong and China, which isn't a good business right now. When the economy slows, the dividend might be cut to 5% or so. Many Singapore real-estate investment trusts have corrected meaningfully, and now yield 5% to 6%. They aren't terrific investments because property prices could fall. But if you have a negative view of the world, and you think trade will contract, property prices will fall, and the yield on the 10-year Treasury will drop, a REIT like Hutchison is a relatively attractive investment.
...
Faber: The outlook for property in Asia isn't bad because a lot of Europeans realize they will need to leave Europe for tax reasons. They can live in Singapore and be taxed at a much lower rate. Even if China grows by only 3% or 4%, it is better than Europe. People are moving up the economic ladder in Asia and into the middle class.
Are you bullish on India?
Faber: I am on the board of the oldest India fund [the India Capital fund]. The macroeconomic outlook for India isn't good, but an election is coming, and the market always rallies into elections. The leading candidate is pro-business. He is speaking before huge crowds.
In dollar terms, the Indian market is still down about 40% from the peak, because the currency has weakened. In the 1970s, stock market indexes performed poorly and stock-picking came to the fore. Asia could be like that now. It is a huge region, and you have to invest by company. Some Indian companies will do well, and others poorly. Some people made 40% on their investments in China last year, but the benchmark index did poorly.
I like Vietnam. The economy has had its troubles, and the market has seen a big decline. I want you to visualize Vietnam. [Stands up, walks to a nearby wall, and begins to draw a map of Vietnam with his hands.] Here's Saigon, or Ho Chi Minh City, the border with China, and the Mekong River. And here in the middle, on the coast, is Da Nang.
...
Faber: I recommend shorting the Turkish lira. I had an experience in Turkey that led me to believe that some families are above the law. When I see that in an emerging economy, it makes me careful about investing.

Tuesday, January 28, 2014

10 Secrets To Success

10 Secrets To Success

Biggest aluminium buyer attacks prices

“The LME warehouse queues are still distorting the market,” said Eoin Dinsmore, senior analyst at CRU. “But we expect to see premiums reduce in the coming months as larger tonnage deals are concluded.”

The Wonderful Uses Of Silver

The Wonderful Uses Of Silver

Weekly Economic Data for the week 25-Jan-14 to 31-Jan-14

Data for the week 25-Jan-14 to 31-Jan-14
Date Time (IST) Country Data Exp. Prior Exp. chg today Avg. chg of last 1 year Exp. Impact on Price
25-Jan-2014 06-30 PM European Monetary Union ECB's Draghi, BOE's Carney, BOJ's Kuroda on Panel in Davos          
 
27-Jan-2014 05-20 AM Japan Bank of Japan December 19-20 meeting minutes          
27-Jan-2014 02-30 PM Germany IFO - Business Climate 110 109.5 0.50 1.26 Neutral
27-Jan-2014 02-30 PM Spain Economy Minister in Brussels for Euro Group Jan 27-28          
27-Jan-2014 07-30 PM European Monetary Union Eurogroup Meets in Brussels          
27-Jan-2014 08-30 PM United States New Home Sales (MoM) 0.458K 0.464K -0.01 0.01 Very Bad
 
28-30 Dec-2013 -- United States Federal Reserve FOMC Meeting          
28-Jan-2014 11-00 AM India RBI Cash Reserve Ratio 4.0% 4.0% 0.00% 0.03 Neutral
28-Jan-2014 11-00 AM India RBI Repurchase Rate 7.75% 7.75% 0.00% 0.16 Neutral
28-Jan-2014 11-00 AM India RBI Reverse Repo Rate 6.75% 6.75% 0.00% 0.16 Neutral
28-Jan-2014 01-30 PM European Monetary Union Ecofin in Brussels          
28-Jan-2014 03-00 PM United Kingdom Gross Domestic Product (QoQ) 0.7% 0.8% -0.10% 0.34 Neutral
28-Jan-2014 07-00 PM United States Durable Goods Orders 1.7% 3.5% -1.80% 6.72 Neutral
28-Jan-2014 08-30 PM United States Consumer Confidence 77.5 78.1 -0.60 4.00 Neutral
 
29-Jan-2014 12-30 PM United Kingdom Nationwide Housing Prices s.a (MoM) 0.4% 1.4% -1.00% 0.87 Bad
29-Jan-2014 02-30 PM European Monetary Union M3 Money Supply (3m) 1.5% 1.7% -0.20% 0.18 Neutral
29-Jan-2014 09-00 PM United States EIA Crude Oil Stocks change   -0.990M   3.45  
 
30-Jan-2014 00-30 AM United States FOMC Rate Decision 0.25% 0.25% 0.00% 0.00 Neutral
30-Jan-2014 07-15 AM China HSBC Manufacturing PMI 49.6 50.5 -0.90 0.97 Neutral
30-Jan-2014 03-30 PM European Monetary Union Consumer Confidence -11.7 -11.7 0.00 1.04 Neutral
30-Jan-2014 07-00 PM United States Gross Domestic Product Annualized QoQ 3.2% 4.1% -0.90% 1.11 Neutral
30-Jan-2014 09-00 PM United States EIA Natural Gas Storage change   -107   33.60  
 
31-Jan-2014 03-30 PM European Monetary Union Unemployment Rate 12.1% 12.1% 0.00% 0.07 Neutral
31-Jan-2014 08-25 PM United States Reuters/Michigan Consumer Sentiment Index 81 80.4 0.60 2.48 Neutral


Monday, January 20, 2014

Weekly Economic Data for the week 18-Jan-14 to 24-Jan-14

Data for the week 18-Jan-14 to 24-Jan-14
Date Time (IST) Country Data Exp. Prior Exp. chg today Avg. chg of last 1 year Exp. Impact on Price
20-Jan-2014 07-30 AM China Gross Domestic Product (YoY) 7.6% 7.8% -0.20% 0.48 Neutral
20-Jan-2014 07-30 AM China Industrial Production (YoY) 9.8% 10.0% -0.20% 0.67 Neutral
20-Jan-2014 07-30 AM China Retail Sales (YoY) 13.6% 13.7% -0.10% 0.78 Neutral
20-Jan-2014 02-00 PM European Monetary Union EU Foreign Ministers Hold Meeting in Brussels          
 
21-Jan-2014 03-30 PM Germany ZEW Survey - Current Situation 35 32.4 2.60 5.46 Neutral
21-Jan-2014 03-30 PM Germany ZEW Survey - Economic Sentiment 64 62 2.00 12.25 Neutral
 
22-Jan-2014 - Japan BOJ 2014 Monetary Base Target   ¥270T   0.00  
22-Jan-2014 12-00 PM Japan BoJ Governor Kuroda Press Conference After Rate Decision          
22-Jan-2014 03-00 PM United Kingdom ILO Unemployment Rate (3M) 7.3% 7.4% -0.10% 0.07 Good
22-Jan-2014 03-00 PM United Kingdom Bank of England Releases Monetary Policy Minutes          
22-Jan-2014 08-30 PM Canada Bank of Canada Rate Decision 1% 1% 0.00 0.00 Neutral
21-Jan-2014 09-45 PM Canada Bank of Canada Governor Poloz Press Conference          
 
23-Jan-2014 - Brazil Central Bank of Brazil Releases Monetary Policy Minutes          
23-Jan-2014 02-30 PM European Monetary Union Markit Manufacturing PMI 53 52.7 0.30 0.80 Neutral
23-Jan-2014 08-30 PM United States Existing Home Sales (MoM) 4.95M 4.90M 0.05M 0.16 Neutral
23-Jan-2014 08-30 PM European Monetary Union Consumer Confidence -13.0 -13.6 0.60 1.04 Neutral
23-Jan-2014 09-00 PM United States EIA Natural Gas Storage change   -287   33.60  
23-Jan-2014 09-30 PM United States EIA Crude Oil Stocks change   -7.658M   3.45  
 
24-Jan-2014 05-35 PM United Kingdom BOE's governor Mark Carney Speaks at World Economic Forum in Davos          


Sunday, January 19, 2014

Technical Analysis MCX Metals And Energy.

Gold (Rs 29,265) 

The MCX Gold futures contract for 10 gram traded in a narrow range between Rs 28,865 and Rs 29,314 last week. Technically, the contract is holding well above its 200-day moving average support at Rs 28,799. This keeps the short-term bullish outlook intact. Traders can hold on to their long positions and retain the stop-loss at Rs 28,300. A rally to Rs 31,000 looks likely in the coming weeks. The significant resistances are at Rs 29,790 and Rs 29,851. On the downside, the 200-day moving average is the immediate support level. Below this Rs 28,300 is the next significant support. In the medium-term, the contract can range between Rs 28,300 and Rs 31,000. A break out of this range will decide the trend thereafter.
Copper (Rs 458)
After the sharp fall a week before, the 55-day moving average support at Rs 454 a kg has lent some relief to the MCX Copper contract. The immediate outlook is mixed. The 21-day moving average resistance at Rs 463 and the support at Rs 454 are important levels to watch out for. Traders can wait for the contract to breakthrough either levels. If the contract declines below Rs 454, traders can go short with a stop-loss at Rs 459. Target on the downside is Rs 440. If the contract breaches Rs 463, traders can initiate long positions with a stop-loss at Rs 456. Target on the upside is Rs 475.
Crude Oil (Rs 5,777)
The MCX Crude Oil contract has bounced back from the low of Rs 5,640/barrel last week. Immediate support is at Rs 5,700. As long as the contract trades above this support, it can rise to Rs 5,950 or Rs 6,000 in the coming weeks. However, the trend is down and an immediate breach of Rs 6,000 looks less probable. Traders can take short position near Rs 5,950 with a stop-loss at Rs 6,150. In the medium-term, Rs 5,400-5,350 is the key support zone which can halt the downtrend. A reversal from this support zone can take the contract to Rs 8,000 in the long-term.
Natural gas (Rs 266)
The MCX Natural gas contract rose sharply to a high of Rs 276.7 for a million British thermal unit last week. This was in contrast to our view of a fall to Rs 240 . The immediate outlook is not clear. Traders can avoid taking positions until a clear signal emerges. The contract can remain range-bound between Rs 250 and Rs 280 for some time. A strong break above Rs 280 is required to signal a bullish outlook . Target above Rs 280 is Rs 350. But as long as the contract trades below Rs 280, a fall to Rs 220 is possible in the medium-term. Such a fall will be a good buying opportunity for long-term investors.
Zinc (Rs 128)
After two weeks of consecutive fall, the MCX Zinc contract moved up last week. But the contract faces immediate resistance at Rs 129. Only a strong break of this resistance will turn the outlook positive. Failure to breach Rs 129 and a subsequent reversal will be bearish for the contract. In such a scenario, short positions can be initiated with a stop-loss at Rs 132. The contract can fall to Rs 121 initially and then to Rs 115. A reversal from Rs 115 can avoid a further fall to Rs 105. The contract will then move in a sideways range between Rs 115 and Rs 135 in the short-term.

Technical Analysis MCX Metals And Energy.

Comex Warehouse Potential Claims Per Deliverable Ounce Rises to Historical High 112 to 1

An almost shocking decline in deliverable (registered) gold has taken the ratio of open interest to deliverable gold to 112 to 1. 

This is not a default scenario since the supply of eligible gold in the warehouses remains adequate and at historically manageable levels as shown in the last chart below. 

Rather, it suggests that higher prices will be required to persuade more bullion owners to place their inventory up for delivery. 

That higher price, of course depends on who those owners are, and how motivated they might be by profits from their metals trades.  For some interested parties it is enough to be the very close friends of the Central Banks, with benefits that make them incredibly rich, self-satisfied, and occasionally audacious to the point of over-reaching.

But of course, it is well to remember that the Comex has become the tail wagging the dog, as the gold bullion markets have shifted to the East. 



Comex Warehouse Potential Claims Per Deliverable Ounce Rises to Historical High 112 to 1

Comex Warehouse Potential Claims Per Deliverable Ounce Rises to Historical High 112 to 1

Physical Gold Shortage Goes Mainstream

Physical Gold Shortage Goes Mainstream
As BNN reports, veteran trader Tres Knippa, pointing to recent futures data, says "there may not be enough gold to go around if everyone with a futures contract insists on taking delivery of physical bullion." As he goes on to explain to a disquieted anchor, "the underlying story here is that the people acquiring physical gold continue to do that. And that’s what is important," noting large investors like hedge fund manager Kyle Bass are taking delivery of the gold they're buying. Knippa's parting advice, buy physical gold; avoid paper.



S&P MONTHLY

S&P MONTHLY

Wednesday, January 15, 2014

Commodities trade dips over 36% in Apr-Dec

Commodities trade dips over 36% in Apr-Dec

Commodities exchanges saw a heavy decline in trading during the first nine months (April-December) of the current fiscal. This comes in the backdrop of all-round deceleration in agri and non-agri commodities trade.
According to the latest data from commodities market regulator Forward Markets Commission (FMC), trade was down both in value and volume terms.
In terms of volume, the total trade declined to 71.22 crore tonnes in April-November 2013-14, from 112.38 crore tonnes in the corresponding period last year. At the same time, the trade value shrunk to Rs 82.46 lakh crore (Rs 129.62 lakh crore).
Market analysts said though commodities transaction tax (CTT) had been imposed only on non-agri commodities, it had impacted the overall mood in the market. As a result, trade value for agri commodities and bullion (gold and silver) saw a significant decline.
Lower volatility and higher bid-offer spread (impact cost) also hit intra-day traders, as transaction costs increased drastically, the analysts said.
This drove away genuine hedgers who felt the pinch of the rise in hedging costs. At the same time, trade volume was impacted by fund diversion from commodities to equities, as riskier asset classes gave better returns in 2013.
The other reason for the decline in trade, the analysts said, was negative sentiments due to the NSEL payment crisis.
Rupee depreciation, too, increased volatility in commodity prices, as did the levy of higher margins and the abnormal spread in future contracts.
On the global front, quantitative easing or tapering by the US by reducing its monthly bond buying programme to $75 billion from $85 billion forced hedge funds and portfolio managers to readjust their portfolios. Since only newer financial companies are getting involved as active counter-parties on commodity exchanges.
Vandana Bharti, Assistant Vice-President (Commodity Fundamental and Research) with SMC, has outlined a strategy to grease the wheels of the market.
More platforms

This includes giving more platforms to corporate hedgers for physical exposure, proactive policies to help the exchanges grow by introducing options, integration with banks and allowing them to participate in the commodity markets and introduction of an e-trading platform as in CME Globex, among others.
“Farmers must want to take advantage of commodity exchanges, banks must trust them, the government must support them and everyone must recognise the value they add,” she said.

MCX-SX first to offer interest rate futures, starting Jan 20

The MCX Stock Exchange will be the first to offer live trading in new interest rate futures (IRF) in 10-year government bonds, starting on January 20.
The exchange has received approval of the Securities and Exchange Board of India (SEBI) to introduce IRFs.
“The exchange shall launch cash-settled Interest Rate Futures (IRF) on 10-year government security in the currency derivatives segment with effect from January 20,” MCX-SX said in a circular today.
The National Stock Exchange (NSE) and the BSE will also start live trading in IRFs this month. While the NSE will launch IRFs on January 21, the BSE will commence trading for the product on January 28.
According to MCX-SX, members of the currency derivatives segment and their users can participate in IRF trading.
“Members of equity derivatives segment will also be eligible to participate after compliance of relevant membership norms being issued separately,” it added.
In December 2013, the SEBI allowed the stock exchanges to introduce cash-settled IRFs on 10-year government bonds, a long-pending demand of market participants.
An IRF is a contract between a buyer and a seller for future delivery of an interest-bearing security such as government bonds.
The cash-settled IRFs will provide market participants with a better option to hedge against risks arising from fluctuations in interest rates.
The product will benefit banks, brokerage houses, insurance companies and primary dealers, among others.
The SEBI had said IRF will be introduced on a pilot basis and the product’s features will be reviewed based on the experience gained. To begin with, the regulator had said that serial monthly contracts with a maximum maturity of three months would be available.

Shanghai Metals Exchange TRADING HOLIDAYS 2014


HolidayMarkets Closed
01/01/2014WednesdayNew Year's DayShanghai Stock ExchangeCHINA 
01/02/2014ThursdayAdditional New Year HolidayShanghai Stock ExchangeCHINA 
01/03/2014FridayAdditional New Year Holiday 2Shanghai Stock ExchangeCHINA 
01/30/2014ThursdayLunar NY Eve 1Shanghai Stock ExchangeCHINA 
01/31/2014FridayLunar New Year 1Shanghai Stock ExchangeCHINA 
02/03/2014MondayLunar New Year 4Shanghai Stock ExchangeCHINA 
02/04/2014TuesdayLunar New Year 5Shanghai Stock ExchangeCHINA 
02/05/2014WednesdayLunar New Year 6Shanghai Stock ExchangeCHINA 
02/06/2014ThursdayLunar New Year 7Shanghai Stock ExchangeCHINA 
02/07/2014FridayLunar New Year 8Shanghai Stock ExchangeCHINA 
04/04/2014FridayChing Ming Festival EveShanghai Stock ExchangeCHINA 
04/07/2014MondayChing Ming Festival HolidayShanghai Stock ExchangeCHINA 
05/01/2014ThursdayLabour Day 1Shanghai Stock ExchangeCHINA 
05/02/2014FridayLabour Day Holiday 2Shanghai Stock ExchangeCHINA 
06/02/2014MondayDragon Boat Festival (Tuen Ng Day)*Shanghai Stock ExchangeCHINA 
09/08/2014MondayMid-autumn Festival*Shanghai Stock ExchangeCHINA 
10/01/2014WednesdayNational Day 1Shanghai Stock ExchangeCHINA 
10/02/2014ThursdayNational Day 2Shanghai Stock ExchangeCHINA 
10/03/2014FridayNational Day 3Shanghai Stock ExchangeCHINA 
10/06/2014MondayNational Day 6Shanghai Stock ExchangeCHINA 
10/07/2014TuesdayNational Day 7Shanghai Stock ExchangeCHINA 
* Date shown may vary by +/- 1 day