MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

MNI China Daily Summary: Friday, December 13

MNI BRIEF: PBOC To Curb Any Yuan Overshot : PBOC Zou

CHINA YTD NEW LOANS CNY17.1 TRLN VS MEDIAN CNY17.5 TRLN: PBOC

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI: EUROZONE OCT IP +0% M/M, -1.2% Y/Y

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% Y/Y

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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(K2) Bullish Focus

COPPER TECHS
  • RES 4: $513.12 - 1.764proj of the Dec 15 - Jan 12 - 31 price swing
  • RES 3: $506.14 - 1.618 proj of the Dec 15 - Jan 12 - 31 price swing
  • RES 2: $503.95 - High Mar 7 and the bull trigger
  • RES 1: $490.47 - 76.4% retracement of the Mar 7 - 15 downleg
  • PRICE: $470.65 @ 14:06 GMT Mar 25
  • SUP 1: $446.85/444.70 - Low Mar 15 / Low Feb 24
  • SUP 2: $428.80 - Low Jan 31 and a key support
  • SUP 3: $422.70 - Low Dec 20
  • SUP 4: $400.90 - Low Sep 21

Copper futures found support recently at $446.85, the Mar 15 low. Indications were that Mar 15 marked a short-term reversal once a doji candle was confirmed at the close. Importantly this also occurred just below the 50-day EMA, currently at $457.22. The rally that followed reinforces the reversal condition and opens $490.47, a Fibonacci retracement and $503.95, the Mar 7 high. A break of $446.85 would resume the downtrend.

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