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USDCLP Lower Again, Approaches 700

CHILE
  • Copper futures trade flat on the day despite making another fresh near-10 year high earlier in the session. USDCLP opens another 0.4% lower on the open, within touching distance of Friday's low of 704.15.
  • Importantly, last week has saw the pair clear support at 711.00, Jan 21 low. This signals the potential for a deeper sell-off with scope for weakness towards the major support at 693.00, Jan 6 low. Initial resistance is at 722.78, the Feb 17 high.
  • Hacienda have completed $1.9 billion of their $2 billion allotment for February, selling another $120 million yesterday.

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