MNI: PBOC Net Injects CNY213.8 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1891 Tues; -2.09% Y/Y

MNI BRIEF: Liberal Lawmaker Says Trudeau Needs To Step Aside

MNI BRIEF: US ISM Expects Increased Revenues, Sticky Prices

MNI NBH WATCH: Policy Pause To Continue, Fresh Projections Due

MNI NBH POLICY: NBH To Hold Rates As Inflation In Line

MNI: UK NOV CLAIMANT CHG +300

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

MNI: US DEC FLASH MANUF PMI 48.3 (FCST: 49.5); NOV 49.7

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

(U3) Short-Term Recovery Exposes Key Resistance

COPPER TECHS
  • RES 4: $418.25 - High Apr 14
  • RES 3: $403.68 - 76.4% retracement of the Apr 14 - May 25 downleg
  • RES 2: $401.00 - High May 1
  • RES 1: $396.40 - High Jun 22, key resistance
  • PRICE: $392.50 @ 11:58 BST Jul 14
  • SUP 1: $368.30 - Low Jun 29 and a key support
  • SUP 2: $356.50 - Low May 24 / 25 and a bear trigger
  • SUP 3: $354.10 - Low Nov 28 2022 (cont)
  • SUP 4: $350.54 - 76.4% of the Sep 28 ‘22 - Jan 18 bull leg (cont)

Copper futures have traded higher this week. This undermines the recent bearish threat and a continuation higher would pave the way for a test of resistance at $396.40, the Jun 22 high. Clearance of this level would confirm a resumption of the bull cycle that started on May 24, and open $403.68, a Fibonacci retracement point. Key short-term support lies at $368.30, the Jun 29 low.

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.