MNI China Daily Summary: Thursday, December 19

MNI BRIEF: China Working On Trade-in Scheme Expansion - MOFCOM

MNI BRIEF: BOJ Wants More Wage Data, US Econ Outlook – Ueda

MNI: PBOC Net Injects CNY14.5 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1911 Thurs; -2.12% Y/Y

CORRECTS-MNI INTERVIEW: CBRT To Cut 2-3 Times By Feb-Cangoz

MNI: FRANCE DEC MANUF SENTIMENT AT 97

MNI: GERMANY GFK JANUARY CONSUMER CLIMATE -21.3

US EIA: CRUDE OIL STOCKS EX SPR -0.93M TO 421.0M DEC 13 WK

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

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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COMMODITIES: Gold Recovers from Post-Fed Lows

COMMODITIES
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A bearish threat in WTI futures remains present and recent gains are - for now - considered corrective. A resumption of the bear cycle would open $65.57, the Oct 1 low, and $63.73, the Sep 10 low and key support. For bulls, a stronger reversal to the upside would instead refocus attention on the key short-term resistance at $76.41, the Oct 8 high. Initial firm resistance to watch is unchanged at $71.97, the Nov 7 high. Gold traded lower yesterday. The move down undermines a recent bullish theme. A resumption weakness would signal scope for an extension towards the key support at $2536.9, the Nov 14 low. Moving average studies are in a bull mode position highlighting a medium-term uptrend and this suggests that the latest sell-off is likely a correction. Initial pivot resistance is $2650.4, the 20-day EMA. A breach of it would be positive for bulls.

  • WTI Crude down $0.01 or -0.01% at $70.57
  • Natural Gas up $0.07 or +1.93% at $3.44
  • Gold spot up $34.46 or +1.33% at $2620.11
  • Copper down $6.4 or -1.54% at $409.2
  • Silver up $0.21 or +0.71% at $29.5575
  • Platinum up $7.99 or +0.87% at $928.85
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A bearish threat in WTI futures remains present and recent gains are - for now - considered corrective. A resumption of the bear cycle would open $65.57, the Oct 1 low, and $63.73, the Sep 10 low and key support. For bulls, a stronger reversal to the upside would instead refocus attention on the key short-term resistance at $76.41, the Oct 8 high. Initial firm resistance to watch is unchanged at $71.97, the Nov 7 high. Gold traded lower yesterday. The move down undermines a recent bullish theme. A resumption weakness would signal scope for an extension towards the key support at $2536.9, the Nov 14 low. Moving average studies are in a bull mode position highlighting a medium-term uptrend and this suggests that the latest sell-off is likely a correction. Initial pivot resistance is $2650.4, the 20-day EMA. A breach of it would be positive for bulls.

  • WTI Crude down $0.01 or -0.01% at $70.57
  • Natural Gas up $0.07 or +1.93% at $3.44
  • Gold spot up $34.46 or +1.33% at $2620.11
  • Copper down $6.4 or -1.54% at $409.2
  • Silver up $0.21 or +0.71% at $29.5575
  • Platinum up $7.99 or +0.87% at $928.85