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MNI China Daily Summary: Monday, October 23

MNI BRIEF: Inflation Down, Deficits Up - Bundesbank Report

MNI BRIEF: China To Reach Target of 5% GDP Growth - Lou Jiwei

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: Netherlands, UK, Germany Due Tues

BoC Data Watch

MNI BRIEF: Stabilizing Prices Helps BOC Turn Neutral-Freeland

MNI BRIEF: Canada Needs CAD1 Trln To Fix Housing Squeeze- CMHC

MNI BRIEF: Canada Shows No Progress Closing Housing Shortfall

(Z3) Watching Support

COPPER TECHS
Metals Technical AnalysisMetals bulletHomepagemarkets-real-timeCommoditiesBullet
  • RES 4: $420.75 - High Feb 21
  • RES 3: $417.90 - High Apr 14 and a key resistance
  • RES 2: $403.75 - High Aug 1 and a key resistance
  • RES 1: $390.85/395.20 - High Sep 1 / High Aug 4
  • PRICE: $378.85 @ 13:12 BST Sep 11
  • SUP 1: $367.00 - Low Aug 17 and a key support
  • SUP 2: $358.60 - Low May 24 and a bear trigger
  • SUP 3: $354.10 - Low Nov 28 2022 (cont)
  • SUP 4: $350.00 - Round number support

Copper futures have been unable to hold on to their recent gains and the contract pulled back from 390.85, the Sep 1 high. The move lower threatens the recent bullish theme and a continuation would signal scope for weakness towards the next key support at $367.00, the Aug 17 low. 390.85 has been defined as the key near-term resistance where a break is required to reinstate a bullish theme. Today’s gains are considered corrective - for now.

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  • RES 4: $420.75 - High Feb 21
  • RES 3: $417.90 - High Apr 14 and a key resistance
  • RES 2: $403.75 - High Aug 1 and a key resistance
  • RES 1: $390.85/395.20 - High Sep 1 / High Aug 4
  • PRICE: $378.85 @ 13:12 BST Sep 11
  • SUP 1: $367.00 - Low Aug 17 and a key support
  • SUP 2: $358.60 - Low May 24 and a bear trigger
  • SUP 3: $354.10 - Low Nov 28 2022 (cont)
  • SUP 4: $350.00 - Round number support

Copper futures have been unable to hold on to their recent gains and the contract pulled back from 390.85, the Sep 1 high. The move lower threatens the recent bullish theme and a continuation would signal scope for weakness towards the next key support at $367.00, the Aug 17 low. 390.85 has been defined as the key near-term resistance where a break is required to reinstate a bullish theme. Today’s gains are considered corrective - for now.