By David Lewis and Tim Cocks
ABIDJAN, Dec 8 (Reuters) - An election meant to resolve Ivory Coast's decade-long political crisis has left the country with two candidates claiming the presidency, after incumbent Laurent Gbagbo defied international pressure to concede defeat to his rival Alassane Ouattara.
West African regional body ECOWAS has joined world leaders in recognising Ouattara as president and urged Gbagbo to step down in a row that has raised the threat of violence, deepened divisions and risks isolating the top cocoa grower.
Here are a few possible scenarios:
A COMPROMISE
A compromise is appearing increasingly unlikely as both sides continue to dig their heels in.
They have both named governments. Gbagbo's team occupies official government buildings while Ouattara's cabinet is run out of a hotel protected by a ring of United Nations troops.
Brokering a deal is made especially difficult by the fact that so many nations have followed the U.N. in backing the electoral commission's declaration of Ouattara as winner -- and so are unlikely to be trusted by Gbagbo as mediators.
Little has filtered out of talks held with both sides by former South African President Thabo Mbeki over the weekend, but the decision by ECOWAS to suspend Ivory Coast over the row has hardened positions further.
Ouattara's camp have said they can discuss all options apart from one in which Gbagbo remains president. ECOWAS has said a power-sharing deal, such as those seen in Kenya and Zimbabwe, would be a bad idea in the circumstances.
Gbagbo has made a career out of defying international pressure and, with the backing of state television, has lambasted the U.N.'s recognition of Ouattara as international meddling and a threat to the country's sovereignty.
MASSIVE POPULAR PROTESTS
Ouattara's camp says it will not call its supporters onto the streets, mainly because they fear that there would be a bloodbath if the security forces, which are still loyal to Gbagbo, crack down on demonstrators as in the past.
Gbagbo himself used the street to oust General Robert Guei during a violently disputed election between the pair in 2000, bringing thousands of his supporters onto the streets to force the coup leader to accept defeat.
Gbagbo's camp is also calling for calm, though there are fears his supporters in Abidjan, where he won just over half the vote, could react violently to pressure on him to leave power.
This could turn into ethnic violence, especially in the west which is known as a tinderbox of tribal tensions.
Conscious of prospects of violence, the U.N. has started pulling out 600 non-essential staff out of the country.
A COUP OR WAR?
Despite an arms embargo on Ivory Coast, analysts say both sides have been re-arming for years. The row has reignited north-south divisions as hundreds of thousands of votes were cancelled in the north, which is still held by rebels.
The rebels, who have backed Ouattara, say troops have been put on high alert and warn they will try and take the rest of the country if attacked.
The likelihood of a big military push by either side is not that high, and would be the worst-case scenario for neighbouring countries in no fit state themselves to take in civilians fleeing a war.
But analysts warn that despite public declarations of loyalty to Gbagbo, there are divisions within the military and an attempt by soldiers in Abidjan to enforce the election result by ousting Gbagbo cannot be ruled out.
THE CRISIS DRAGS ON
The rebels who were already running affairs in the north have got behind Ouattara, meaning that the division of the country into two parallel administrations since the 2002-2003 war has if anything been reinforced.
Worse, the original framework of a process aimed at uniting the country and holding elections has now disappeared -- meaning there is no clear way out of the impasse either for the country or its leaders.
Foreign powers and regional bodies which were neutral during this process have since taken sides, so Gbagbo is increasingly isolated and could soon find access to funds drying up.
The IMF has said it will not do business with anyone not recognised by the U.N., while both the World Bank and the African Development Bank have said they will review ties.
Debt relief is likely to be put on hold and sanctions could well be imposed. One option is "targeted sanctions" -- travel bans and foreign asset freezes -- on Gbagbo and associates.
Businesses warn that they cannot continue in the current environment and say many are likely to go bust. They are also likely to stop paying taxes until they know who is in charge.
The country's economy risks grinding to a halt, with the risks of serious social unrest as a result. ((Editing by Giles Elgood; mark.john@thomsonreuters.com; Dakar Newsroom +221 33 864 5076))
09:31 08Dec10 -Ouattara's Ivory Coast poll win irrefutable - UN
* UN's Choi rejects interference charge
* Says Gbagbo victory impossible given results
* Cocoa futures ease from four-month highs
By Tim Cocks
ABIDJAN, Dec 8 (Reuters) - A U.N. review of Ivory Coast's Nov. 28 election shows incumbent Laurent Gbagbo had no grounds to dispute results giving rival Alassane Ouattara victory, the head of the local United Nations mission said on Wednesday.
Defying international calls to step down, Gbagbo has sworn himself in for a new term and named a government, despite provisional results that gave Ouattara a near 10-point margin.
Ouattara has taken the presidential oath in a rival ceremony and refused to back down in a power struggle that risks sending the West African country, the world's top cocoa grower, back into conflict, 8 years after civil war split it into north and south. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
For more stories on the election, click [ID:nCOC754498]
For Ivory Coast scenarios, click [ID:nLDE6B40AH] ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
U.N. mission chief Y.J. Choi rejected accusations from the Gbagbo camp that he had meddled in internal affairs by declaring Ouattara the winner, and said an Ivorian Constitutional Council move to annul Ouattara's victory was not based on facts.
"I am not interfering in Ivorian affairs ... I am only doing my job as requested by the Ivorian authorities," Choi told a news conference.
"I remain absolutely certain that I have found the truth concerning the will of the Ivorian people. The people have chosen one person ... Mr. Alassane Ouattara with an irrefutable margin," he said.
"PLOTTERS' SUMMIT"
Gbagbo's allies argued intimidation and fraud skewed the vote in the rebel-held north, a complaint the Constitutional Council -- run by a staunch Gbagbo ally -- upheld and used as grounds for cancelling hundreds of thousands of votes.
But Choi said there had been fewer recorded acts of violence in the north than in pro-Gbagbo western districts, and noted that even when all the contested votes were stripped out of the final tally, Ouattara still had a majority.
"Even such an exercise did not alter ... the outcome of the second round," he said.
Gbagbo remains in control of the army and state television and has shown no signs of backing down despite calls from the United States, the European Union and the West African ECOWAS bloc, which on Tuesday suspended Ivory Coast.
His camp was not available for comment on the ECOWAS move despite repeated phone calls on Wednesday. But the pro-Gbagbo Notre Voie dismissed the meeting of West African leaders in the Nigerian capital Abuja as "The Plotters' Summit".
Cocoa futures eased on Wednesday after touching four-month highs this week, with the March ICE contract
Uncertainty over Ivory Coast's prospects kept the yield on its $2.3 billion Eurobond
Clashes with security forces and between rival supporters have left at least 28 dead and 280 wounded since Nov. 26, according to the International Committee of the Red Cross, with some observers fearing the real toll is double that.
Ivorians have sought to continue life as normal and the business centre of the main city Abidjan was humming with activity on Wednesday. But local business leaders have warned of looming problems for the economy unless the impasse ends soon.
"A number of businesses will not be able to pay taxes while others risk going bust," said the CGECI business federation. (Additional reporting by David Lewis; Writing by Mark John; Editing by Janet Lawrence)
20:38 07Dec10 -WRAPUP 5-West African bloc backs Ouattara as Ivorian leader
* ECOWAS group suspends Ivory Coast, recognises Ouattara
* ECOWAS head says "national unity" governments don't work
* Cocoa futures reach new four-month high
(Adds U.N. Security Council talks)
By Joe Brock and David Lewis
ABUJA/ABIDJAN, Dec 7 (Reuters) - The West African regional bloc ECOWAS recognised Alassane Ouattara as Ivory Coast's president-elect on Tuesday after a disputed ballot and urged incumbent Laurent Gbagbo to accept defeat.
Gbagbo earlier defied international demands for him to yield and he named a new cabinet, two days after Ouattara had announced his parallel government from a lagoon-side hotel guarded by U.N. peacekeepers.
After an emergency summit attended by regional heads of state in Nigeria, the 15-nation ECOWAS further increased pressure on Gbagbo by suspending Ivory Coast's involvement in the group.
ECOWAS' acting president, Nigerian leader Goodluck Jonathon, warned against efforts to cut a deal, as in Zimbabwe or Kenya.
"We've seen that these governments of national unity ... it doesn't really work...Elections have been declared, somebody has won, so he has to hand over," he said.
The dispute over the outcome of last month's poll in the world's top cocoa-growing country has raised the risk of renewed violence in a nation still divided after a 2002-2003 war, prompting the United Nations to begin pulling out some staff.
Gbagbo was sworn in as president last week and appointed the new government in defiance of calls from the United Nations, the United States, France and others for him to accept provisional results of the Nov. 28 poll that made Ouattara the clear winner.
International backing for Ouattara is based on copies of result sheets collected by the United Nations across the country.
"The heads of state and government recognised Mr Alassane Dramane Ouattara as president-elect of Ivory Coast," ECOWAS leaders said after the meeting in Nigeria's capital Abuja.
At the United Nations, diplomats said Russia had blocked a U.N. Security Council statement that would recognise Ouattara as the election winner
After five-and-a-half hours of closed-door discussions, the council adjourned for the day with Russian envoys saying they needed further instructions from Moscow, the diplomats said.
RESIGNATION CALLS
Gbagbo, who has kept control of the army and state television, has dismissed calls on him to quit as meddling and on Tuesday held a first cabinet meeting.
The line-up was missing former finance minister Charles Koffi Diby, who handled talks with the IMF and World Bank on $3 billion of debt relief and has a strong international reputation.
Speculation grew that he had changed sides after former IMF official Ouattara named him in his government. Diby did not turn up for Ouattara's parallel cabinet meeting on Monday and has not spoken about his intentions.
Clashes with security forces and between rival supporters have left at least 28 dead and 280 wounded since Nov. 26, according to the International Committee of the Red Cross.
Mindful of the risk of bloodshed, Ouattara spokesman Patrick Achi said he would keep supporters off the streets: "We have not chosen the approach of taking the streets or starting violence."
Cocoa futures jumped to four-month highs on concern about supply bottlenecks, with the second-month contract up over 1.5 percent at $3,140 per tonne during Tuesday trade.
The yield on Ivory Coast's $2.3 billion Eurobond, a bellwether of investors' mood, has risen to above 12 percent from below 10 percent before the vote. Emerging markets fund Exotix downgraded it to "sell" from "hold".
Business leaders warned of a catastrophe for firms unless political leaders quickly found a solution to the row.
"A number of businesses will not be able to pay taxes while others risk going bust," the CGECI business federation said.
The United Nations, which has about 10,000 peacekeepers in the country, said it was withdrawing around 600 non-military staff to Gambia and Senegal, citing growing tensions.
Despite the risk that the row could re-ignite the conflict between north and south, Ivorians pushed on with life.
Once the showpiece of West Africa, Ivory Coast's leafy, tropical main city of Abidjan was calm on Tuesday, its wide boulevards humming with traffic and impatient hooting as normal.
"We've been in crisis many years, so it's nothing new," said lawyer Herman Dirabou, as he queued to pay his phone bill next to a women frying yams on a sandy pavement.
"Maybe with two presidents we'll get twice as much done."
The Constitutional Council, headed by a staunch Gbagbo ally, overruled the electoral commission, cancelling hundreds of thousands of votes in Ouattara strongholds, alleging fraud.
But the Unitaed Nations has said that even if the allegations were true, Ouattara should still have won.
(Additional reporting by Tim Cocks; Writing by Mark John and Tim Cocks; editing by Tim Pearce and Angus MacSwan)
18:47 07Dec10 -UPDATE 2-Russia blocks UN council Ivory Coast statement
* West wants statement backing Ouattara as president-elect
* Russia says U.N. should not announce an election winner
(Updates with meeting ending without agreement)
By Patrick Worsnip
UNITED NATIONS, Dec 7 (Reuters) - Russia on Tuesday blocked a U.N. Security Council statement that would recognize challenger Alassane Ouattara as the winner of Ivory Coast's disputed presidential election, diplomats said.
After five and a half hours of closed-door discussions, the council adjourned for the day with Russian envoys saying they needed further instructions from Moscow, the diplomats said.
Ivory Coast's electoral commission last week announced that Ouattara had won the Nov. 28 poll, but the Constitutional Council overturned the result, awarding victory to incumbent Laurent Gbagbo. The head of the U.N. mission in the West African nation, Y.J. Choi, declared Ouattara the winner.
"Russia questioned the U.N. announcing the winner," one Western envoy said in New York. Western officials have said Choi was entitled to do so as under a 2005 post-civil war peace deal he was empowered to certify election results.
"This is a unique situation," U.S. Ambassador to the United Nations Susan Rice said.
"I don't know why Russia is quibbling with resolutions that it itself voted for," she told reporters, adding that Choi was "not picking a winner, he's simply certifying the results of the Independent Electoral Commission."
Endorsement of Ouattara by the Security Council would leave Gbagbo with few supporters in the outside world after West African regional bloc ECOWAS on Tuesday recognized Ouattara as president-elect. U.N. Secretary-General Ban Ki-moon has also publicly backed Ouattara's claim.
Russia's position is pivotal because Security Council statements must be unanimous, meaning any council member's opposition would block such a move. Rice, this month's council president, said she hoped debate could continue on Wednesday.
Rice suggested Russia was isolated. "Everybody on the council minus one member had no question about the legitimacy of (Choi's) findings and his actions," she said.
Earlier, in a brief public part of the council meeting, Choi told the council the election result was "very clear."
"There was only one winner, with a clear margin," he said by video link from Abuja, Nigeria, where ECOWAS was meeting.
"The moment has come for us to safeguard the result," he said. "Ignoring the will of the people at this stage would be a let-down of the people of (Ivory Coast) and a waste of significant resources invested over the past eight years by the international community."
Diplomats said that during the closed part of the council session, Choi said extensive checks made by hundreds of members of the U.N. peacekeeping mission in Ivory Coast to verify the results left no doubt Ouattara had won.
The Constitutional Council's reversal of the result was "not based on facts," he was quoted as saying.
COFFEE
03:00 08Dec10 -UPDATE 2-Vietnam's coffee crop to fall, Brazil unchanged-ICO
* Farmers could boost output by replanting -Vicofa
* Domestic prices are 77 pct above farmer's cost
(Adds ICO comment, Vietnam's plan, domestic output, prices)
By Ho Binh Minh
HO CHI MINH CITY, Dec 8 (Reuters) - Vietnam's 2010/11 coffee output may drop 2.8 percent to 17.5 million bags, the International Coffee Organization said on Wednesday, reversing its previous forecast of a rise.
Dry weather followed by prolonged rains in the key coffee growing regions of Vietnam, the world's second-largest producer after Brazil, have hurt the crop, triggering supply concerns and a rise in London robusta futures
Executive Director Jose Sette of the London-based ICO said the latest forecast came after the organisation received data from member governments, including top robusta producer Vietnam.
ICO in September said output in Vietnam would rise 4 percent to 18.73 million bags. Vietnam's coffee crop year lasts from October to September, starting with a four-month harvest.
ICO maintained its forecast for top producer Brazil's 2010/2011 output at 47.2 million 60-kg bags, a rise of 19.6 percent from the previous crop.
It also kept the 2010/2011 output forecast for Colombia unchanged at 9 million bags, but lowered its estimate of the country's 2009/2010 crop to 8.098 million bags, from 8.5 million estimated in September.
As a result Colombia's production this season would rise 11.1 percent from the previous harvest, larger than a 5.9 percent rise forecast previously.
Sette said the ICO was waiting for more details of the crop size in producing countries, including Vietnam and arabica-producing nations, before fixing its next global output estimate.
The world coffee production estimate in the current 2010/2011 year would still be unchanged at between 133 million and 135 million, up from 119.9 million bags in the previous crop, Sette told a two-day industry meeting in Vietnam.
"We will have final (output) forecast at the end of the crop," Vietnam Coffee and Cocoa Association Chairman Luong Van Tu said, adding that the next data would be available by the end of the harvest in January.
Vietnam's coffee consumption this year and the next could remain at 10 percent of output, on par with 2009, Tu said, unchanged from a government figure.
Higher demand from new buyers is another factor that has cut Vietnam's coffee exports to traditional markets, said Chief Executive Do Ha Nam of Ho Chi Minh City-based Intimex, Vietnam's second-largest coffee exporter after Vinacafe.
The new buyers include Russia, Poland, China, Malaysia, the Philippines and Singapore, Nam said.
"The Asian markets are buying increased volumes of Vietnamese coffee not because they will consume it, but they import it for processing and selling to other markets due to cheap prices of Vietnamese beans," Nam told the conference.
Most of the growth in global output in recent years has been generated by Brazil and Vietnam, mainly by higher productivity, not by area expansion, Robert Simmons, head of Coffee and Cocoa at LMC International, told the conference.
STABLE OUTPUT
The area of Vietnamese coffee under harvest has been increasing every year, reaching about 500,000 hectares (1.24 million acres) now, with an average yield of more than 2 tonnes per hectare, Tu said.
As such, the productive area accounts for 94 percent of Vietnam's total coffee under plantation.
Vietnam vowed to keep its planting area stable for an output of 17.5 million bags a year to mitigate impact on the environment, Tu said. [ID:nHAN433450]
If prices remain profitable in coming years, farmers would be able to boost output only by speeding the replanting of ageing trees, which now make up a third of Vietnam's coffee area, he told Reuters on the sidelines of the conference.
Robusta in Daklak, Vietnam's top growing province, rose to 35,200-35,400 dong ($1.80-$1.82) per kg on Wednesday from 35,000 dong on Tuesday, tracking a gain in London prices. Vietnamese prices are now 77 percent above farmer's production costs.
"The issue remains the source of funding to support farmers as it takes five years to get the newly planted trees to become productive again," he said, adding that the government has yet to find money for the plan.
Yields will fall after 20 years of production. The soil needs two years to rest before farmers can start planting anew, and the agriculture ministry has recommended alternatives such as green beans or corn. ($1=19,498 dong) (Editing by Himani Sarkar)
03:04 08Dec10 -Buyers try to renegotiate Indonesian coffee deals
HO CHI MINH CITY, Vietnam, Dec 8 (Reuters) - Foreign buyers are trying to renegotiate the prices they have paid for Indonesian coffee after a sharp drop in futures prices, an Indonesian export group official said on Wednesday.
"It's not about some supply shortage that would lead to default or force majeure. They just want us to lower prices," said Pranoto Soenarto, head of specialty coffee at the Association of Indonesian Coffee Exporters and Industries.
Second-month robusta coffee futures
"Hopefully, there'll be no default right now, but I can't tell you what will happen in the next few months," Soenarto told Reuters on the sidelines of a coffee conference in Vietnam.
He gave no indication on the size of deals affected. Traders said buyers wanted to delay shipments if they couldn't get an agreement on lower prices. (Reporting by Apornrath Phoonphongphiphat; Editing by Alan Raybould)
SUGAR
21:18 07Dec10 -RPT-UPDATE 2-India can export 0.5-1 mln T sugar -govt officials
(Repeats story issued late on Tuesday)
* Futures prices ease off highs
* Market was expecting exports around these levels
(Adds trader comment, updates prices)
NEW DELHI, Dec 7 (Reuters) - This year's good rains mean India can easily export up to 1 million tonnes of sugar, two government officials said on Tuesday, broadly in line with market expectations from the world's second-biggest producer.
"We can easily export 500,000 tonnes to 1 million tonnes even if production is 24.5 million tonnes," one government official, who did not wish to be identified, told reporters, referring to unrestricted exports.
A second official, also present, confirmed the figures.
In late November, a senior government official had said India was likely to free up sugar exports if production exceeded 24.5 million. [ID:nBMA008987]. The India Sugar Mills Association has forecast the crop will total 25.5 million. [ID:nLDE6AT0RC]
A more normal monsoon in 2010 allowed the country to recover from last year's drought which forced it to import large quantities, triggering sharp gains in international prices.
The market is waiting for New Delhi to allow unrestricted exports, termed as open general licence (OGL), which could see global prices easing.
India, which is also the world's top consumer of the sweetener, has already allowed some restricted exports this year.
The figures cited by the officials were broadly in line with market expectations, said Jake Wetherall, a soft commodities trader with Rabobank in London.
"If it were 2 million tonnes (of OGL exports) that would be bearish," Wetherall said.
On Tuesday, ICE March raw sugar futures
Last month, Farm Minister Sharad Pawar said India was likely to take a decision on allowing unrestricted sugar exports by the third week of December and the country might ship exports on a monthly basis. [ID:nSGE6AT0D1]
India's sugar market is regulated by the government with the objective of keeping prices and supply steady as it is an essential commodity that goes into everyday use and is also politically sensitive. (Reporting by Mayank Bhardwaj, additional reporting by David Brough and Nigel Hunt in London; Editing by Aradhana Aravindan, Jo Winterbottom and Anthony Barker)
03:15 08Dec10 -UPDATE 2-China faces sugar deficit amid low state stocks in 2011
* Sugar deficit seen above 2 mln tonnes in 2010/11
* State reserve low or below 1 million tonnes
* Government needs to import more to refill stocks
* Corn syrup may help fill shortfall
(Adds comments and details)
By Niu Shuping and Tom Miles
BEIJING, Dec 8 (Reuters) - China will face a sugar shortfall of more than 2 million tonnes this crop year, the third straight deficit as consumption outpaces production growth, the official China Securities Journal reported on Wednesday.
The world's third largest producer and consumer of sugar is also facing declining state reserves, which could prompt China to source more sugar overseas next year to refill its stocks, after a 60 percent jump in imports in the first ten months of this year.
"There will be more imports next year. There is a possibility that the government may need to import to replenish state reserves," said an industry official who declined to be identified.
"Imports become possible when international prices fall to around 20 cents," said the official, adding that New York raw sugar futures prices
China's sugar consumption in 2010/2011 is likely to grow 6.2 percent to 14.62 million tonnes, while domestic sugar output is estimated at about 11 million tonnes, the Journal said.
This would leave a gap of more than 2 million tonnes after taking into account sugar brought in from Cuba in a government deal and private imports under a low-tariff scheme.
LOW RESERVES
The paper cited industry officials at a conference as saying that the government only holds about 1 million tonnes of reserves after sales of 2.1 million tonnes since 2009, far below what is normally seen as a safety level of 3-months' worth of consumption, or about 4 million tonnes.
But some traders and analysts put government stocks at as low as 500,000 tonnes.
China's sugar season starts in October, and sugar mills will finish crushing by the end of April.
"Shortages in the previous two years were largely covered with sales of state reserves, but the current state reserve is only about 500,000 tonnes, not enough to cover next year's deficit," said an industry analyst.
China's sugar imports surged 60 percent in the first 10 months of this year to a record 1.6 million tonnes, according to official Customs data. [SOF/CN]
China imports about 400,000 tonnes of sugar every year from Cuba under a bilateral government agreement.
"It is unrealistic to import more from Cuba as its export is reducing every year. More imports from India or Brazil may be possible," said the industry official.
Corn sweetener, made from corn starch, will continue to help fill the supply gap, and China's production of the syrup will grow to 10 million tonnes next year, after 13 percent growth to 9.2 million tonnes this year, the newspaper reported.
Expected shortages and high global prices helped push Zhengzhou futures
03:35 08Dec10 -Indonesia sees 2.425 mln T raw sugar imports in 2011
JAKARTA, Dec 8 (Reuters) - Indonesia will issue import permits for 2.425 million tonnes of raw sugar in 2011, up five percent from this year on stronger demand from the food and beverage industry, an official from the industry ministry said on Wednesday.
03:55 08Dec10 -TECHNICALS-New York sugar may drop to 25.60 cents/lb in 4 weeks
* For more technical analyses, please click [TECH/C]
* For a four-week sugar technical outlook: http://graphics.thomsonreuters.com/WT/20100812163927.jpg
SINGAPORE, Dec 8 (Reuters) - New York sugar
A five-wave cycle was completed on the rise from the May low at 13 cents to 33.39 cents, and the first leg of the correction, labeled as a wave "A" ended around 25.60 cents, the 38.2 percent Fibonacci retracement.
A closer look at the hourly chart confirms the bearish outlook derived from the daily chart.
http://graphics.thomsonreuters.com/WT/20100812163505.jpg. The hourly chart shows that the sharp fall from the Nov. 11 high at 33.39 cents is composed of a five-wave cycle and the rebound from the Nov. 17 low at 25.30 cents failed to develop after briefly piercing a strong resistance at 29.35 cents, the 50 percent Fibonacci retracement on the fall from 33.39 cents to 25.30 cents.
Chances are high for sugar to fall to 25.60 cents first, around the previous wave "A" trough, and then to 23.20 cents, the 50 percent Fibonacci retracement level.
Resistance is at 30 cents, a rise above which would invalidate the bearish outlook.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. **
(Reporting by Wang Tao; Editing by Himani Sarkar) ((wang.tao@thomsonreuters.com)
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Marcy Nicholson
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Thomson Reuters
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