MNI China Daily Summary: Wednesday, December 11

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MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

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AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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COMMODITIES: Bearish Threat in WTI Futures Present, Tuesday's Gains Mostly Pared

COMMODITIES
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Despite Tuesday’s gains, a bearish threat in WTI futures remains present and the Nov 25 move lower reinforces this theme. A resumption of bearish price action would open $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support. For bulls, a stronger reversal to the upside would instead refocus attention on the key short-term resistance at $77.04, the Oct 8 high. Initial firm resistance to watch is unchanged at $72.41, the Nov 7 high. Gold continues to trade inside a tight range, for now. The long-term trend condition remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. Resistance to watch is $2721.4, the Nov 25 high. Clearance of this level would highlight a bullish short-term development. Key support to monitor is $2536.9, the Nov 14 low.

  • WTI Crude up $0.41 or +0.6% at $68.98
  • Natural Gas up $0.06 or +2.1% at $3.107
  • Gold spot down $4.69 or -0.18% at $2645.24
  • Copper up $1.1 or +0.26% at $421.5
  • Silver up $0.01 or +0.04% at $31.3132
  • Platinum up $7.85 or +0.83% at $948.7
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Despite Tuesday’s gains, a bearish threat in WTI futures remains present and the Nov 25 move lower reinforces this theme. A resumption of bearish price action would open $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support. For bulls, a stronger reversal to the upside would instead refocus attention on the key short-term resistance at $77.04, the Oct 8 high. Initial firm resistance to watch is unchanged at $72.41, the Nov 7 high. Gold continues to trade inside a tight range, for now. The long-term trend condition remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. Resistance to watch is $2721.4, the Nov 25 high. Clearance of this level would highlight a bullish short-term development. Key support to monitor is $2536.9, the Nov 14 low.

  • WTI Crude up $0.41 or +0.6% at $68.98
  • Natural Gas up $0.06 or +2.1% at $3.107
  • Gold spot down $4.69 or -0.18% at $2645.24
  • Copper up $1.1 or +0.26% at $421.5
  • Silver up $0.01 or +0.04% at $31.3132
  • Platinum up $7.85 or +0.83% at $948.7