MNI China Daily Summary: Wednesday, November 20

MNI BRIEF: Chinese Aluminium Exporters To Renegotiate Prices

MNI BRIEF: BOJ October Real Export Index Falls 4.9% M/M

MNI: PBOC Net Injects CNY69.1 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1935 Weds; +0.09% Y/Y

CHINA PBOC CONDUCTS CNY302.1 BLN VIA 7-DAY REVERSE REPOS WEDS

MNI: US MBA: MARKET COMPOSITE +1.7% SA THRU NOV 15 WK

MNI: EUROZONE SEP CONSTRUCTION OUTPUT -0.1% M/M, -1.6% Y/Y

MNI: GERMANY OCT PRODUCER PRICES -1.1% Y/Y

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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Unwinds Friday's Gain, Resistance Still Evident Above $2000

GOLD

Gold has tracked modestly lower in the first part of Monday dealing. We were last around $1985, off by 0.40%, which unwinds Friday's gain. Lows for the session rest near $1982, highs came in above $1993.

  • More broadly, Friday highs came in close to $2005, but we couldn't sustain these gains, which has been the case in recent weeks. Whilst gold remains above all key EMAs (20 day at ~$1960 is the closest), we have largely tracked sideways in recent weeks.
  • A generally softer USD backdrop is supportive, although today has been similar to Friday's Asia Pac session, where USD weakness has been more evident against Asia FX than the majors. The BBDYX is still down ~0.15$.
  • The offset is coming from improved risk appetite, particularly in the equity space, which is likely reducing demand for the safe haven asset.
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