MNI BRIEF: Ontario To Cut U.S. Energy Flows When Tariffs Hit

MNI BRIEF: Aussie Labour Market Tightens, Unemployment At 3.9%

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI BRIEF: US Budget Deficit $367B In Nov; FYTD Record $624B

MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

EZ/UK Bond Supply Calendar: BTP Auction on Thursday

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

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

COPPER TECHS: (Z4) Outlook Remains Bearish

COPPER TECHS
  • RES 4: $511.20 - High May 20 and key medium-term resistance  
  • RES 3: $488.95 - High May 29 
  • RES 2: $464.60 - High Jul 5 and a key short-term resistance 
  • RES 1: $431.85/444.30 - High Aug 27 / High Jul 18     
  • PRICE: $409.50 @ 14:19 BST Sep 4
  • SUP 1: $396.45 - Low Aug 7 and the bear trigger 
  • SUP 2: $387.40 - Low Mar 1
  • SUP 3: $374.65 - Low Feb 9 and key support 
  • SUP 4: $370.42 - 1.236 proj of the May 20 - Jun 27 - Jul 5 price swing    

A bear cycle in Copper futures remains intact and the recovery that started Aug 7 is considered corrective - for now. The latest resumption of weakness reinforces this theme and opens $396.45, the Aug 7 low. Clearance of this support would expose $374.65, the Feb 9 low. The 50-day EMA has recently been pierced. A clear break of it would signal scope for stronger gains towards 444.30, the Jul 18 high. The EMA is at $426.13.

Metals Technical AnalysisCommodities TechBulletCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.