In addition they reduced 05/06 consumption in China by 600k MT and 06/07 consumption by 500k MT. In their entire Supply deficit went from 1.8MT in their August estimates to 800,000 MT in September.
Technically the December continues it's weakness, with a lower session, albeit with an opening and closing at near the same level. The broader downtrend continues with support under 51 cents and resistance falling, now at 53.50.
Averages are turning lower, especially the 9 day which is leaking down to 52.63. Momentum is not setting any new lows, and this is about the only supportive factor in the chart analysis right now.
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