MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Japan Nov CGPI Rises 3.7% Y/Y, Import Prices Drop

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI China Daily Summary: Tuesday, December 10

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

MNI: USDA: 2024/2025 CORN PRODUCTION EST 15.14B BSL

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

(N3) Pierces Key Support

COPPER TECHS
  • RES 4: $447.20 - High Jun 6 2022 (cont)
  • RES 3: $435.15 - High Jan 18 and the bull trigger
  • RES 2: $418.65/21.05 - High Apr 14 / Feb 21 high and key resistance
  • RES 1: $399.73 - 20-day EMA
  • PRICE: $389.05 @ 13:36 BST Apr 28
  • SUP 1: $382.90/381.65 - Low Mar 16 and bear trigger / Low Apr 27
  • SUP 2: $372.45 - Low Jan 4
  • SUP 3: $363.70 - Low Nov 30
  • SUP 4: $355.00 - Low Nov 28 2022

Copper futures remain soft, since pulling back from $418.65, the Apr 14 high. The continuation lower resulted in a break of a key short-term support at $393.55, the Apr 5 low. Yesterday’s move lower has seen the contract pierce $382.90, Mar 16 low. A clear break would reinforce bearish conditions and open $372.45, the Jan 4 low. A reversal would refocus attention on $418.65, the bull trigger. Initial resistance is $399.73, 20-day EMA.

Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.