MNI China Daily Summary: Wednesday, November 20

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CHINA PBOC CONDUCTS CNY302.1 BLN VIA 7-DAY REVERSE REPOS WEDS

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MNI: GERMANY OCT PRODUCER PRICES -1.1% Y/Y

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Crude Bouncing, But Still Short of Cycle Best

COMMODITIES
  • Both WTI and Brent crude oil benchmarks trade positively ahead of the Wednesday open, but are still shy of the cycle highs posted earlier in the week. Markets are still ruminating over the sell-off Tuesday in the wake of the collapse of the OPEC+ production deal. Some sell-side analysts suspect that markets are speculating that protracted OPEC+ discord could lead to softer curb compliance and a near-term boost to crude supply.
  • This keeps directional triggers for oil unchanged, with Brent (U1) focus is on $77.86, 1.382 projection of Mar 23 - May 18 - May 21 price swing. WTI (Q1) sights are set on $77.35, 1.618 projection of Mar 23 - May 18 - May 21 price swing.
  • Gold is firmer. Attention is on the 50-day EMA that intersects at $1815.8. The area around the EMA represents a key short-term resistance and a clear break is required to suggest scope for stronger near-term gains.

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