MNI China Daily Summary: Friday, December 13

MNI BRIEF: PBOC To Curb Any Yuan Overshot : PBOC Zou

MNI: GERMANY OCT EXPORTS -2.8% M/M (VS FCST -2.6%)

CHINA YTD NEW LOANS CNY17.1 TRLN VS MEDIAN CNY17.5 TRLN: PBOC

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI: EUROZONE OCT IP +0% M/M, -1.2% Y/Y

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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(N2) Bearish Threat Exposes Key Support

COPPER TECHS
  • RES 4: $503.60 - 1.00 proj of the Feb 24 - Mar 7 - 15 price swing
  • RES 3: $501.00 - High Mar 7 and the bull trigger
  • RES 2: $486.15/88.28 - High Apr 5 / 76.4% of the Mar 7 - 15 downleg
  • RES 1: $470.92 - 20-day EMA
  • PRICE: $449.50 @ 14:55 BST Apr 25
  • SUP 1: $447.10 - Low Mar 15 and a pivot level
  • SUP 2: $444.50 - Low Feb 24
  • SUP 3: $428.80 - Low Mar 31
  • SUP 4: $423.00 - Low Dec 20

Copper futures have started the week on a softer note and are trading sharply lower. This marks an extension of the downleg that started off the $486.00 high on Apr 18. The contract has breached support at $463.95, the Apr 11 low and sights are set on $447.10, the Mar 15 low and a key support. A break would strengthen current bearish conditions. Key resistance is unchanged at $486.15, Apr 5 high.

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