Technically we broke through the 50 day moving average today with the next resistance being at 53.50 c/lb. The market seems to be struggling to hold this level and may run into some sell stops under 53.50. This will be a critical area as it needs to hold the low of 52.85 in order to stem further losses.
With Chinese New Year coming up in a couple of weeks, there is a chance that the quiet export market could push prices lower in NY in an effort to uncover demand. This may push H'07 all the way back to contract lows if the specs decide to go short.
20240830145952.gif)
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
