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INDIA

Auction Devolved On To Dealers Again

GOLD

Falls Further

ASIA FX

Holiday Thinned Trade

FOREX

Market Holidays Limit Activity In Asia

EQUITIES

Market Closures Subdue Proceedings

OIL

Adds To Recent Gains

(H1) Bullish Focus Intact

COPPER TECHS
  • RES 4: $384.88 - 2.236 projection of Oct 2 - 21 rally from Nov 4 low
  • RES 3: $376.25 - 2.00 projection of Oct 2 - 21 rally from Nov 4 low
  • RES 2: $367.62 - 1.764 projection of Oct 2 - 21 rally from Nov 4 low
  • RES 1: $362.45 - High Dec 11
  • PRICE: $359.90 @ 12:35 GMT Dec 17
  • SUP 1: $345.00 - Low Dec 10
  • SUP 2: $344.29 - 20-day EMA
  • SUP 3: $333.00 - Low Nov 27
  • SUP 4: $327.45 - Trendline support drawn off the Oct 2 low

Copper futures are firmer and trading close to recent highs. The outlook remains bullish. The contract recently cleared the top of a bull channel drawn off the Oct 2 low reinforcing the underlying bullish structure. Furthermore, moving average studies remain in a bull mode and together with fresh highs last week, reinforce the bullish theme. The focus is on 367.62, a Fibonacci projection. Initial support is $345.00, Dec 10 low.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com