MNI China Daily Summary: Thursday, Dec 5

MNI: UK NOVEMBER CONSTRUCTION PMI 55.2 (FCST: 53.5); OCT 54.3

MNI: EUROZONE NOVEMBER CONSTRUCTION PMI 42.7 OCT 43.0

MNI BRIEF: China Construction Output Slows In November

MNI: PBOC Net Drains CNY153 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Lower At 7.1879 Thurs; -1.82% Y/Y

MNI: EUROZONE OCT RETAIL SALES -0.5% M/M, +1.9% Y/Y

MNI: FRANCE OCT INDUSTRIAL PRODUCTION -0.1% M/M, -0.6% Y/Y

MNI: GERMANY OCT FACTORY ORDERS -1.5% M/M

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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(H2) Bull Trend Intact

SOY TECHS
  • RES 4: $1500.00 - Psychological round number
  • RES 3: $1445.50 - High Jun 7, 2020 and a major resistance
  • RES 2: $1436.75 - High Jun 11, 2020
  • RES 1: $1429.50 - High Jan 21
  • PRICE: $1410.25 @ 13:32 GMT Jan 26
  • SUP 1: $1349.75/34.50 - Low Jan 18 / Low Dec 30
  • SUP 2: $1338.00 - 50-day EMA
  • SUP 3: $1300.50 - High Nov 17 and the recent breakout level
  • SUP 4: $1243.50 - Low Dec 14

The Soybean futures trend condition remains bullish. The contract found support on Jan 18 at $1349.75 and last Thursday’s acceleration higher resulted in a break of resistance at $1415.00, Jan 7 high. The break of this hurdle confirms a resumption of the underlying uptrend and opens $1436.75, the Jun 11 2020 high and $1445.50, the Jun 7, 2021 high. Key support is at $1349.75, a break of this level would reinstate a bearish threat.

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