M+ Online Morning Market Buzz - 13Sep21

Dow Jones: 34,607.72 pts (-271.66pts, -0.78%)
⬆ Resistance:  36100
⬇ Support:  34000

FBM KLCI: 1,575.97 pts (-2.92pts, -0.18%)
⬆ Resistance:  1630
⬇ Support:  1550

HSI Index: 26,205.91 pts (+489.91pts, +1.91%)
⬆ Resistance:  27100
⬇ Support:  25200

Crude Palm Oil: RM4,278 (-RM114, -2.60%)
⬆ Resistance:  4570
⬇ Support:  4170

Brent Oil: $72.92 (+$1.47, +2.06%)
⬆ Resistance:  74.70
⬇ Support:  69.50

Gold: $1,787.58 (-$7.00, -0.39%)
⬆ Resistance:  1870
⬇ Support:  1750

M+ Online Technical Focus - 13Sep21
Malaysia Smelting Corporation Bhd: Riding on higher tin prices

Trading Catalyst
• Involved in the upstream and downstream sector of the tin industry through tin mining and custom tin smelting and was ranked as the third world largest supplier of tin metal supplier in 2020, having produced 22,325 tonnes of tin metal.
• • In the midst of relocating and fully commissioning its new smelting plant in Pulau Indah, Selangor, which will improve production capacity by 50% to 60,000 tonnes per year.
• Prevailing low inventories and tightness in the global tin supply chain arising from shipping constraints may continue to sustain tin prices at record high levels.
• Technically, price has formed a flag-formation breakout above RM2.33, targeting the resistances at RM2.49-2.65 with long term target set at RM2.86.

Technical View

(i) MSC (S: RM2.21, R: RM2.49-2.65, LT TP: RM2.86, CL: RM2.20)

S: Support, R: Resistance, LT TP: Long term target price, CL: Cut loss

Economic Releases For The Week (13/9/2021-17/9/2021):

14/9/2021
JP - Japan's Industrial Production, 12.30PM
UK - United Kingdom's Unemployment Rate, 2.00PM
US - United States' Inflation Rate, 8.30PM

15/9/2021
JP - Japan's Machinery Orders, 7.50AM
CN - China's Industrial Production, 10.00AM
CN - China's Retail Sales, 10.00AM
UK - United Kingdom's Inflation Rate, 4.30PM
EU - Eurozone's Industrial Production, 5.00PM
US - United States' Industrial Production, 9.15PM
US - United States' Manufacturing Production, 9.15PM

16/9/2021
US - United States' Retail Sales, 8.30PM

17/9/2021
UK - United Kingdom's Retail Sales, 4.30PM
EU - Eurozone's Inflation Rate, 5.00PM

Source: Bloomberg, M+ Online

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