MNI China Daily Summary: Wednesday, December 11

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MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

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(H2) Remains Above Support

COPPER TECHS
  • RES 4: $500.00 - Psychological round number
  • RES 3: $487.35 - 1.764 proj of Aug 19 - Sep 13 - Sep 21 price swing
  • RES 2: $477.70/83.40 - High Oct 18 / High May 10 and the bull trigger
  • RES 1: $451.15/64.08 - High Nov 26 / 61.8% of Oct - Nov sell-off
  • PRICE: $430.60 @ 13:27 GMT Dec 13
  • SUP 1: $420.00 - Low Nov 17
  • SUP 2: $409.90 - Low Oct 6
  • SUP 3: $404.00/401.30 - Low Sep 30 / Low Sep 21
  • SUP 4: $397.05 - Low Aug 19

Copper futures continue to trade above 420.65, Dec 1 low and $420.00, the Nov 17 low. The key short-term resistance is unchanged at $451.15, the Nov 26 high. Attention is on support at $420.00. A break would signal scope for a deeper sell-off and open $409.90, Oct 6 low. For bulls, clearance of $451.15 is required to reinstate a bullish theme and this would open $464.08, a retracement chart point.

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