Verdict – Short-term neutral.
DCE iron ore May22 maintained bullish during the day. However worth noticing that DCE aggregated open interest has lost 16.6% from the start of this round of rebound in Feb 28th. Previous cut loss sellers were major contributor of today’s market. Short-run support was close to the upper bound of a gap at 832.5. If a breakthrough on 874.0, iron ore potential accelerates the new push. Otherwise maintain neutral for next few hours considering the reverse money movement.
The first support is 832.5, the first resistance is 874.0
