MNI BRIEF: Japan Aug Tokyo Core CPI Rises 2.4% Vs. July 2.2%

MNI BRIEF: Inflation's Down, Not There Yet - Fed's Barkin

MNI BRIEF: Jobless Claims Stays Low, 2Q GDP Revised Higher

MNI BRIEF: PBOC Restarts CGB Trade After Nearly Two Decades

MNI BRIEF: China Discussing Placing Tariffs On Auto Imports

MNI: PBOC Net Drains CNY208.4 Bln via OMO Thursday

MNI JAPAN JULY RETAIL SALES +2.6% Y/Y; JUNE +3.8%

MNI JAPAN JULY INDUSTRIAL OUTPUT +2.8% M/M; JUNE +4.2%

MNI JAPAN AUG TOKYO CORE CPI +2.4% Y/Y; JULY +2.2%

UK: Week Ahead

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

(U2) Bearish Extension

COPPER TECHS
  • RES 4: $458.55 - High Jun 3 and a key resistance
  • RES 3: $433.90 - 50-day EMA
  • RES 2: $422.84 - 20-day EMA
  • RES 1: $404.40 - Low May 12
  • PRICE: $385.60 @ 13:37 BST Jun 23
  • SUP 1: $376.70 - 1.00proj of Apr 18 - May 12 - Jun 3 price swing
  • SUP 2: $357.38 - 1.236 proj of Apr 18 - May 12 - Jun 3 price swing
  • SUP 3: $350.60 - 50.0% of the Mar ‘20 - Mar ‘22 rally (cont)
  • SUP 4: $345.00 - Low Dec 10 2020 (cont)

Copper futures remain soft and the contract is trading lower again today. This week’s bearish price action has resulted in a break of support at $404.40, May 12 low, and a move below support around the $400.00 handle. The clear break of this area strengthens short bearish conditions and also potentially highlights a more significant medium-term reversal. On the upside, initial firm resistance is seen at $422.84, the 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.