MNI China Daily Summary: Thursday, March 13

MNI BRIEF: China Has Been In Communication With U.S. On Trade

MNI BRIEF: China To Enhance Customs Clearance

MNI BRIEF: China Consumer Satisfaction Up

MNI: PBOC Net Drains CNY68.6 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1728 Thurs; -0.64% Y/Y

MNI: US FEB FINAL DEMAND PPI +0.0%, EX FOOD, ENERGY -0.1%

MNI: US JOBLESS CLAIMS -2K TO 220K IN MAR 08 WK

MNI: CANADIAN JAN BUILDING PERMITS -3.2% MOM

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

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COMMODITIES: Crude Rises Amid Mid-East Tensions, Gold Retreats From Record High

COMMODITIES
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  • Crude has risen today amidst heightened tensions between Israel and Hamas and the threat of the ceasefire collapsing, raising the risk of regional escalation. The market is also weighing the impact of US tariffs and risks of sanctions tightening supplies.
  • WTI Mar 25 is up by 1.4% at $73.3/bbl.
  • Israeli Prime Minister Benjamin Netanyahu has warned of a return to intense fighting if Hamas does not return Israeli hostages by Saturday.
  • For WTI futures, initial resistance is at $75.18, the Feb 3 high, followed by $79.48, the Apr 12 ‘24 high and a key resistance.
  • Meanwhile, spot gold has reversed earlier gains, with yellow metal currently down by 0.2% to $2,902/oz.
  • Early in the session, gold had reached a new record high of $2,942.68 amid investor concerns after President Trump raised tariffs on steel and aluminium imports to the US.
  • A bull cycle in gold remains in play and analysts continue to see scope for a test of the $3,000 level. Before there, sights are on $2962.2 next, a Fibonacci projection.
  • After a sharp rally over the last week, copper has fallen back today following the imposition of 10% tariffs on all goods from China. The red metal is down by 2.4% at $459/lb.
  • Copper remains 7% higher month-to-date, and sights are on $480.00 next, the Sep 30 high and bull trigger. Key support is at $418.35, the Feb 3 low.
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  • Crude has risen today amidst heightened tensions between Israel and Hamas and the threat of the ceasefire collapsing, raising the risk of regional escalation. The market is also weighing the impact of US tariffs and risks of sanctions tightening supplies.
  • WTI Mar 25 is up by 1.4% at $73.3/bbl.
  • Israeli Prime Minister Benjamin Netanyahu has warned of a return to intense fighting if Hamas does not return Israeli hostages by Saturday.
  • For WTI futures, initial resistance is at $75.18, the Feb 3 high, followed by $79.48, the Apr 12 ‘24 high and a key resistance.
  • Meanwhile, spot gold has reversed earlier gains, with yellow metal currently down by 0.2% to $2,902/oz.
  • Early in the session, gold had reached a new record high of $2,942.68 amid investor concerns after President Trump raised tariffs on steel and aluminium imports to the US.
  • A bull cycle in gold remains in play and analysts continue to see scope for a test of the $3,000 level. Before there, sights are on $2962.2 next, a Fibonacci projection.
  • After a sharp rally over the last week, copper has fallen back today following the imposition of 10% tariffs on all goods from China. The red metal is down by 2.4% at $459/lb.
  • Copper remains 7% higher month-to-date, and sights are on $480.00 next, the Sep 30 high and bull trigger. Key support is at $418.35, the Feb 3 low.