MNI China Daily Summary: Friday, January 10

MNI BRIEF: China To Adopt Very Proactive Fiscal Policy-Offical

CANADA LIBERAL LEADERHIP VOTE TO REPLACE TRUDEAU SET FOR MAR 9

MNI BRIEF: PBOC Suspends Bonds Trades As Yields Drop

MNI: PBOC Net Drains CNY14.8 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1891 Fri; -2.36% Y/Y

USDA: CORN STOCKS 12,074M BSL ON JAN 1

MNI: USDA: 2024/2025 CORN PRODUCTION EST 14.87B BSL

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

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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COPPER TECHS: (H5) Rally Extends

COPPER TECHS
Metals Technical AnalysisCommodities TechBulletCommodities
  • RES 4: $479.00 - High Sep 30 and a bull trigger
  • RES 3: $469.30 - High Oct 3 
  • RES 2: $452.85 - High Nov 5 and a key resistance 
  • RES 1: $434.95 - Intraday high   
  • PRICE: $432.30 @ 14:08 GMT Jan 9
  • SUP 1: $400.50 - Low Jan 2 and the bear trigger       
  • SUP 2: $395.62 - 1.236 proj of the Sep 30 - Oct 17 - Nov 5 swing
  • SUP 3: $388.86 - 1.382 proj of the Sep 30 - Oct 17 - Nov 5 swing   
  • SUP 4: $377.94 - 1.618 proj of the Sep 30 - Oct 17 - Nov 5 swing   

Copper futures continue to rally and the move higher has undermined the recent bearish theme. Price has traded through the 50-day EMA, at 420.30, and today’s gains have resulted in a print above key short-term resistance at 433.50, the Dec 12 high. A clear break of this level would highlight a reversal. On the downside, a resumption of weakness would open €400.50, the Jan 2 low. Clearance of this level would resume the downtrend.

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  • RES 4: $479.00 - High Sep 30 and a bull trigger
  • RES 3: $469.30 - High Oct 3 
  • RES 2: $452.85 - High Nov 5 and a key resistance 
  • RES 1: $434.95 - Intraday high   
  • PRICE: $432.30 @ 14:08 GMT Jan 9
  • SUP 1: $400.50 - Low Jan 2 and the bear trigger       
  • SUP 2: $395.62 - 1.236 proj of the Sep 30 - Oct 17 - Nov 5 swing
  • SUP 3: $388.86 - 1.382 proj of the Sep 30 - Oct 17 - Nov 5 swing   
  • SUP 4: $377.94 - 1.618 proj of the Sep 30 - Oct 17 - Nov 5 swing   

Copper futures continue to rally and the move higher has undermined the recent bearish theme. Price has traded through the 50-day EMA, at 420.30, and today’s gains have resulted in a print above key short-term resistance at 433.50, the Dec 12 high. A clear break of this level would highlight a reversal. On the downside, a resumption of weakness would open €400.50, the Jan 2 low. Clearance of this level would resume the downtrend.