MNI BRIEF: BOC Governor Tiff Macklem Opening Statement

MNI BRIEF: Text of Bank of Canada Interest-Rate Decision

BOC CUTS RATE 50BPS TO 3.25%, SEES GRADUAL APPROACH FROM HERE

MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

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

(Z2) Bearish Threat Still Present

COPPER TECHS
  • RES 4: $447.45 - High Jun 7
  • RES 3: $424.50 - High Jun 16
  • RES 2: $405.70 - Low May 12
  • RES 1: $378.35 - High Aug 26 and the bull trigger
  • PRICE: $348.90 @ 13:42 BST Sep 8
  • SUP 1: $328.84 - 76.4% retracement of the Jul 15 - Aug 26 bull leg
  • SUP 2: $313.55 - Low Jul 15 and the bear trigger
  • SUP 3: $300.00 - Psychological round number
  • SUP 4: $279.40 - 2.00 proj of the Mar 7 - May 12 - Jun 3 price swing

Copper futures failed to hold onto recent gains and traded lower last week. Price remains closer to recent lows. The move lower resulted in a break of $355.10, the Aug 18 low, undermining the recent bullish theme and highlights a potential reversal, signalling scope for a deeper pullback. Note that $342.80 has also been cleared, the Aug 4 low. This opens $313.55, the Jul 15 low. Key resistance is unchanged at $378.35, the Aug 26 high.

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.