EM LATAM CREDIT: Codelco (CDEL; Baa1neg/BBB+/BBB+): India Copper Deal
“Chile's Codelco to supply copper concentrate to India's Adani Group-owned smelter” – Reuters
Neutral for spreads
• Chile controlled copper miner Codelco agreed to supply copper concentrate to a USD1.2bn smelter operated by India’s Adani Group.
• Codelco’s Chairman Maximo Pacheco met recently with Adani Group chairman Gautam Adani.
• Codelco is also negotiating a joint venture with India state controlled local miner Hindustan Copper Limited to explore and process minerals, according to Yahoo Finance.
• Codelco (CDEL) 10-year notes issued January 2025 at T+165bps were last quoted T+172bps.
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MNI: US FINAL FEB MANUF PMI 52.7 (FLASH: 51.6); JAN 51.2
- MNI: US FINAL FEB MANUF PMI 52.7 (FLASH: 51.6); JAN 51.2
EQUITIES: A new record high for Cash Estoxx, Bank index is over 2% up
- Cash Estoxx (SX5E) continues to print new record high, next upside Psychological level will be eyed at 5600.00.
- This latest push higher helps (SX7E) the Banking sector rise over 2%.
- As noted on the European open, SX7E sees next upside resistance at the 2011 high of 197.88.
EURUSD TECHS: Rally Exposes Resistance
- RES 4: 1.0677 50.0% retracement of the Sep 25 ‘24 - Feb 3 bear leg
- RES 3: 1.0630 High Dec 6 ‘24
- RES 2: 1.0594 High Dec 9 ‘24
- RES 1: 0533 High Jan 27 and a reversal trigger
- PRICE: 1.0485 @ 14:37 GMT Mar 3
- SUP 1: 1.0360 Low Feb 28 and a key near-term support
- SUP 2: 1.0335 50.0% retracement of the Feb 3 - 26 bull run
- SUP 3: 1.0272 Low Feb 4
- SUP 4: 1.0233 61.8% retracement of the Feb 3 - 26 bull run
EURUSD has started the week on a firm note. The recovery undermines a recent bear theme and has exposed 1.0529, the Feb 26 high, and more importantly, resistance at 1.0533, the Jan 27 high. A clear break of 1.0533 would highlight an important technical break and a stronger bullish S/T theme. This would open 1.0630, the Dec 6 ‘24 high. A key near-term support has been defined at 1.0360, the Feb 28 low. A break of it would be bearish.
