CHILE: CLP Rises amid Firmer Yuan/Copper
Feb-20 12:09
- The moderate bid for the Chinese yuan and rising coper prices have provided a boost for the Chilean peso at the open, with USDCLP down half a percent to 946 at typing.
- Bearish conditions remain in play for USDCLP, and a group of lows above 935 remains initial support. Below here, attention will be on 921.59, the 76.4% retracement of the upleg between Sep 27 ‘24 - Jan 3. Initial firm resistance is seen at 974.03, the 50-day EMA.
- In local news, Chile’s state-owned copper company Codelco signed a pact with Anglo American Plc to jointly develop their adjacent mines near Santiago in a bid to boost production, according to Tercera.
- Separately, news yesterday centred around the continuing controversy regarding the US$2.5bn Dominga mining-port project in north-central Chile. A regional environmental court ordered the committee of ministers to retract its rejection of the initiative and review it again, however, some ecological groups are claiming the decision is illegal.
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GILT SYNDICATION: 4.375% Jan-40 gilt: Priced
Jan-21 12:07
- Reoffer 93.376 to yield 5.0075%
- Spread set previously 4.25% Sep-39 gilt +4.00bp (Guidance was +4.00/+4.25bps)
- Size: GBP8.5bln (MNI had expected GBP5.0-6.5bln)
- Books closed in excess of GBP119bln (inc JLM interest of £7bn)
- Expected Settlement Date: 22-January-2025 (T+1)
- ISIN: GB00BQC82D08
- Joint Leads: DB (B&D / DM) / JPM / MS / Nomura / RBC CM
- HR 102% vs 4.25% Sep-39 gilt (GB00B3KJDS62). Spot ref: 92.60
- Timing: TOE 11:59GMT . FTT immediately.
From market source / DMO
GILT SYNDICATION: 4.375% Jan-40 gilt: Priced
Jan-21 12:03
- Reoffer 93.376 to yield 5.0075%
- Spread set previously 4.25% Sep-39 gilt +4.00bp (Guidance was +4.00/+4.25bps)
- Size: GBP8.5bln (MNI had expected GBP5.0-6.5bln)
- Books closed in excess of GBP119bln (inc JLM interest of £7bn)
- Expected Settlement Date: 22-January-2025 (T+1)
- ISIN: GB00BQC82D08
- Joint Leads: DB (B&D / DM) / JPM / MS / Nomura / RBC CM
- HR 102% vs UKT 4 1/4% Treasury Gilt 07-Sept-2039 (GB00B3KJDS62)
From market source / DMO
OUTLOOK: Price Signal Summary - Pullback In WTI Considered Corrective
Jan-21 12:02
- On the commodity front, Gold is trading higher today. The yellow metal has pierced resistance at 2726.2, the Dec 12 high and a key short-term resistance. A clear breach of this hurdle would strengthen a bullish theme and signal scope for an extension higher near-term. This would expose $2790.1, the Oct 31 all-time high. On the downside, first support to watch is $2653.4, the 50-day EMA. A reversal lower and a breach of this average would reinstate a bearish threat.
- In the oil space, the trend structure in WTI futures remains bullish despite the latest pullback. The move down is allowing an overbought trend reading to unwind. The latest strong impulsive climb has resulted in a breach of $75.91, the Oct 8 high. Attention is on $79.48, the Apr 12 ‘24 high. A clear break of this hurdle would strengthen the bullish theme and open 80.63, a 3.236 projection of the Nov 18 - 22 - Dec 6 price swing. Support to watch is the 20-day EMA, at $73.89.
