MNI China Daily Summary: Friday, December 27

MNI BRIEF: BOJ: Rate Hike Chance Nearing; Mull Patiently

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MNI JAPAN NOV FACTORY OUTPUT DROPS 2.3% M/M; OCT +2.8%

MNI JAPAN NOV JOBLESS RATE AT 2.5%, UNCHANGED FROM OCT

US EIA:NAT GAS STORAGE -93 BCF TO 3,529 BCF DEC 27 WK

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COPPER TECHS: (H5) Bearish Trend

COPPER TECHS
Metals Technical AnalysisCommodities TechBulletCommodities
  • RES 4: $479.00 - High Sep 30 and a bull trigger
  • RES 3: $469.30 - High Oct 3 
  • RES 2: $452.85 - High Nov 5 and a key resistance 
  • RES 1: $423.70 - 20-day EMA  
  • PRICE: $414.85 @ 14:30 GMT Nov 27
  • SUP 1: $406.50 - Low Nov 14      
  • SUP 2: $401.35 - Low Aug 7 and the bear trigger
  • SUP 3: $388.86 - 1.382 proj of the Sep 30 - Oct 17 - Nov 5 swing   
  • SUP 4: $377.94 - 1.618 proj of the Sep 30 - Oct 17 - Nov 5 swing   

Conditions in Copper futures are unchanged, a bear trend remains intact. The sharp sell-off on Nov 6, resulted in a break of 433.70, the Oct 17 low. The breach cancelled a recent bullish signal and highlighted potential for a continuation lower near-term. 419.91, 76.4% of the Aug 7 - Sep 30 bull cycle has been cleared. A continuation down would open $401.35, the Aug 7 low and a bear trigger. Key short-term resistance is at $452.85, the Nov 5 high.

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  • RES 4: $479.00 - High Sep 30 and a bull trigger
  • RES 3: $469.30 - High Oct 3 
  • RES 2: $452.85 - High Nov 5 and a key resistance 
  • RES 1: $423.70 - 20-day EMA  
  • PRICE: $414.85 @ 14:30 GMT Nov 27
  • SUP 1: $406.50 - Low Nov 14      
  • SUP 2: $401.35 - Low Aug 7 and the bear trigger
  • SUP 3: $388.86 - 1.382 proj of the Sep 30 - Oct 17 - Nov 5 swing   
  • SUP 4: $377.94 - 1.618 proj of the Sep 30 - Oct 17 - Nov 5 swing   

Conditions in Copper futures are unchanged, a bear trend remains intact. The sharp sell-off on Nov 6, resulted in a break of 433.70, the Oct 17 low. The breach cancelled a recent bullish signal and highlighted potential for a continuation lower near-term. 419.91, 76.4% of the Aug 7 - Sep 30 bull cycle has been cleared. A continuation down would open $401.35, the Aug 7 low and a bear trigger. Key short-term resistance is at $452.85, the Nov 5 high.