Iron Ore DCE September Daily Technical Review 13/07/22

Verdict – Short-term neutral.   DCE iron ore September slumped yesterday however recovered most losses during the day. Thus, maintain neutral in short-run. The effective support area range from 693.0 – 703.5 have created four reversals within the previous four weeks. The resistance in 786.0 was strong as well, which used to be the upper …

Daily Virtual Steel Mill Report 13/07/22

Market Verdict on Iron Ore: • Neutral.   Macro • OPEC: Global oil supply tension yet to resolve. OPEC expected oil demand increase by 2.7 million barrels/day in 2023, with total demand at 30.10 million barrels, up 900,000 barrels/day from 2022. • Goldman Sachs expected copper average price at $6700/mt, $7600/mt and $9000/mt in the …