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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.
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Free AccessMNI BRIEF: China November PMI Rises Further Above 50
MNI US Macro Weekly: Politics To The Fore
Oil Benchmarks Set To Confirm Break Above Short-Term Ranges
- Brent and WTI Crude Prices gained over 5% on Wednesday, active contracts strengthening to $66.75 and $63.25 respectively. Benchmarks are set to break out of most recent tight ranges, posting the highest closes since March 17th.
- Prices extended gains as weekly EIA data showed a much larger-than-forecast, 5.9M barrel drop in US crude-oil inventories. Additionally, the rally was bolstered after the monthly IEA report released forecasts of a significant rise in global oil demand in the second half of the year.
- WTI crude futures face next resistance at the March 18 high of 64.88 ahead of the key bull trigger above at 67.70 - the Mar 8 high.
- Despite the softer dollar, gold fell on Wednesday as an uptick in U.S. Treasury yields weighed on bullion's appeal. Spot gold dropped around 0.5% to $1736. Spot silver consolidated yesterday's gains and was broadly unchanged on the session.
- Copper prices firmed 2.5% as Goldman Sachs released a note doubling down on their bullish outlook for the base metal. Analysts raised 12-month target to $11,000 and projects prices will hit $15,000 by 2025 as the global green-energy transition propels demand for the metal used in power grids, wind turbines and electric vehicles.
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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.