MNI China Daily Summary: Thursday, March 13

MNI BRIEF: China Has Been In Communication With U.S. On Trade

MNI BRIEF: China To Enhance Customs Clearance

MNI BRIEF: China Consumer Satisfaction Up

MNI: PBOC Net Drains CNY68.6 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1728 Thurs; -0.64% Y/Y

MNI: EUROZONE JAN IP +0.8% M/M, +0% Y/Y

MNI: SWEDEN FINAL FEB CPIF +2.9% Y/Y

MNI: US FEB TREASURY BUDGET -$307.0B

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

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COPPER TECHS: (K5) Corrective Cycle

COPPER TECHS
Metals Technical AnalysisCommodities TechBulletCommodities
  • RES 4: $514.40 - 2.00 proj of the Jan 2 - 17 - Feb 3 price swing
  • RES 3: $503.59 - 1.764 proj of the Jan 2 - 17 - Feb 3 price swing 
  • RES 2: $500.00 - Round number resistance         
  • RES 1: $488.50 - High Feb 14 
  • PRICE: $458.25 @ 14:20 GMT Feb 24
  • SUP 1: $455.86 - 20-day EMA       
  • SUP 2: $443.28 - 50-day EMA
  • SUP 3: $422.80 - Low Feb 3 and key support      
  • SUP 4: $403.85 - Low Jan 2 and a bear trigger     

Copper futures remain in a bull cycle, despite the latest pullback. Recent gains highlight an acceleration of the uptrend and this reinforces current conditions. The contract has cleared 455.20, the Nov 5 high and a key hurdle. Price has also pierced 477.10, the Sep 30 ‘24 high. Sights are on the $500.00 handle next. The latest pullback is considered corrective and is allowing an overbought condition to unwind. Initial firm support is $455.86, 20-day EMA.

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  • RES 4: $514.40 - 2.00 proj of the Jan 2 - 17 - Feb 3 price swing
  • RES 3: $503.59 - 1.764 proj of the Jan 2 - 17 - Feb 3 price swing 
  • RES 2: $500.00 - Round number resistance         
  • RES 1: $488.50 - High Feb 14 
  • PRICE: $458.25 @ 14:20 GMT Feb 24
  • SUP 1: $455.86 - 20-day EMA       
  • SUP 2: $443.28 - 50-day EMA
  • SUP 3: $422.80 - Low Feb 3 and key support      
  • SUP 4: $403.85 - Low Jan 2 and a bear trigger     

Copper futures remain in a bull cycle, despite the latest pullback. Recent gains highlight an acceleration of the uptrend and this reinforces current conditions. The contract has cleared 455.20, the Nov 5 high and a key hurdle. Price has also pierced 477.10, the Sep 30 ‘24 high. Sights are on the $500.00 handle next. The latest pullback is considered corrective and is allowing an overbought condition to unwind. Initial firm support is $455.86, 20-day EMA.