CHILE: CLP Buoyed By Copper, Codelco-SQM Deal On Course To Complete Early 2025
Sep-13 11:24
- The rally in copper to a two-week high yesterday, supported the Chilean peso, which gained by 1.24% against the dollar. USDCLP closed at 930.65, its lowest level since Sept 3 and below first support at 932.01, the 50-day EMA. Key support remains much further below current levels at 904.48, the Aug 26 low. On the upside, attention is on 953.93, the Aug 6 high.
- Meanwhile, the country’s competition authority has started a review of a planned deal for SQM to hand over a majority stake in its lithium extraction business to Codelco in exchange for extending operations. The review began yesterday and has 30 business days to complete. SQM and Codelco say that the deal is on track to complete early next year.
- Data wise, the domestic calendar remains light until August PPI figures on Sept 24, followed by the BCCh traders survey. Activity data for August will then be published at the end of the month.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
OUTLOOK: Price Signal Summary - Trend Structure In Bunds Remains Bullish
Aug-14 11:15
- In the FI space, a bull cycle in Bund futures remains in play and recent gains reinforce the trend condition. 133.21, the Jun 14 high, was cleared on Jul 29, confirming a resumption of the uptrend. Sights are on 136.45, 76.4% of the Dec 27 - May 31 downleg (cont). The contract remains below the Aug 5 high, a pullback has allowed an overbought condition to unwind. A firm support to watch is 133.75, 20-day EMA.
- The trend condition in Gilt futures remains bullish and the latest pullback appears to have been a correction. Recent gains confirmed a resumption of the uptrend that started May 29. Resistance at 99.23, the Jun 21 peak, has been cleared and scope is seen for a climb towards 101.78, the 2.236 projection of the May 29 - Jun 4 - 10 price swing. Initial key support lies at 99.26, the 20-day EMA.
US MBA: REFIS +35% SA; PURCH INDEX +3% SA THRU AUG 9 WK
Aug-14 11:00
- US MBA: REFIS +35% SA; PURCH INDEX +3% SA THRU AUG 9 WK
- US MBA: UNADJ PURCHASE INDEX -8% VS YEAR-EARLIER LEVEL
- US MBA: 30-YR CONFORMING MORTGAGE RATE 6.54% VS 6.55% PREV
US MBA: REFIS +35% SA; PURCH INDEX +3% SA THRU AUG 9 WK
Aug-14 11:00
US MBA: REFIS +35% SA; PURCH INDEX +3% SA THRU AUG 9 WK
