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Copper Continues To Boost CLP

CHILE

After a momentary pause in the rally, induced only by a local holiday, CLP continues its ascent. USDCLP, down another 0.6% on the day, now firmly through Dec '19 lows of 7.43 as Copper continues to shine (+0.6%).

  • We highlighted the sell-side recommendations, notably Citi buying a 2-month 750 put with a target of 7.10. Levels to note in between are:
  • SUP 1: 735.85 61.8% of the Feb 2019 - Mar 2020 rally
  • SUP 2: 720.79 1.00 proj of Oct 15 - Nov 9 - Nov 24 swing

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