MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI BRIEF: Ontario To Cut U.S. Energy Flows When Tariffs Hit

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI BRIEF: US Budget Deficit $367B In Nov; FYTD Record $624B

MNI China Daily Summary: Wednesday, December 11

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

EZ/UK Bond Supply Calendar: BTP Auction on Thursday

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

WTI Crude Dips Below Support Level

COMMODITIES
  • WTI has dipped below its first support level to be at its lowest since April 1. Oil is shedding some of the geopolitical risk premium as focus shifts to demand concerns from delayed US rate cuts.
  • WTI May 24 is down 3.0% at $82.8/bbl.
  • Having broken initial support at $83.9, the 20-day EMA, focus turns to $81.06 next, the 50-day EMA. On the upside, the next objective is $89.08, a Fibonacci projection.
  • Spot gold edged down by 0.2% to $2,378/oz on Wednesday, leaving the yellow metal 2.2% off its recent record high.
  • Sights remain on $2452.5 next, a Fibonacci projection. Initial firm support is at $2286.3, the 20-day EMA.
  • Meanwhile, copper rose by 0.9% to $437/lb today, just 1% below its recent 22-month high.
  • Earlier Goldman Sachs reported that they see a “very significant” refined copper deficit for this year, which could take copper prices to $12,000 a ton by Q1 2025.
  • Iron ore prices jumped another 3.6% on optimism that more Chinese steel mills would restart as demand picks up. Analysts say that there’s been a notable rebound in steel demand for construction, particularly in China’s mid-west.
EM BulletHomepageBulletMarketsFixed Income BulletsForeign Exchange BulletsEmerging Market News

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.