Monthly archives: November 2020

Morning Oil Report 19/11/20

Brent crude futures gained 12 cents, or 0.3%, to $44.46 a barrel by 0733 GMT, after gaining 1.4% on the previous day.   The US looks to begin its holiday season, a time typically for driving around the country, but this year, it is expected that the pandemic will cut the number of journeys made …

Continue reading “Morning Oil Report 19/11/20”

Capesize rates dip despite improvement in the Pacific

Capesize freight rates continued to fall on softening physical market, despite some improvement in the Pacific market. The Capesize 5 time charter average dipped slightly by RMB 299 day-on-day to $11,730 on Wednesday, due to selling pressure on the weak Atlantic market. The Baltic Dry Index (BDI) was almost flattish and booked a slight gain …

Continue reading “Capesize rates dip despite improvement in the Pacific”

Iron Ore DCE January Daily Technical Review Nov 19th

Verdict – Short-term neutral, be aware of reversal. DCE iron ore Jan contract rebound with increasing volume, Jan contract created historical high at 886.0. However hourly slow stochastic KD created dead cross near overbought area. Hourly CCI created bearish divergence with hourly candle from the first hour of the day. The first support is 850.0. …

Continue reading “Iron Ore DCE January Daily Technical Review Nov 19th”

Daily Ferrous Physical Review Nov 19th

Ferrous Market –    Tangshan 10 steel mills average pig iron cost 2446 yuan/tonne, billet cost 3181 yuan/tonne, up 2 yuan/tonne. Mills gross profit 419 yuan/tonne, up 18 yuan w-o-w. –    China coal mines safety and inspection bureau planned to investigate Shanxi Province on the safety production and facilities for three months. –    MySteel Rebar Inventory: …

Continue reading “Daily Ferrous Physical Review Nov 19th”

European Close 18/11/20

Iron ore futures continue to trade at new highs signaling the market trend remains bullish. Demand remains resilient whilst we are seeing a decline in steel inventories by 178,400 tons (MySteel), this is following the strong industrial and property data from yesterday.   The fundamental continues to support the market with futures trading up to …

Continue reading “European Close 18/11/20”