Verdict- Neutral. DCE Sep24 corrected following the weak Asia stock market. Hourly MACD widened in bearish territory. Hourly CCI entered bearish territory. Hourly slow stochastic KD deepened correction. Iron ore potentially see support if hold up 797.0 level. First support 797.0. First resistance 840.0.
Author archives: Hao Pei
Daily Virtual Steel Mill Report 21/06/24
Verdict: • Short-run Neutral. Macro: • The Ministry of Housing and Urban Rural Development held a conference on acquisition of existing commercial houses for use as affordable houses. Many regions should promote cities at or above the county level to effectively and orderly carry out the purchase of existing commercial housing as affordable housing. …
Iron Ore DCE Sep24 Daily Technical Review 20/06/24
Verdict- Neutral. DCE Sep24 consolidated in narrow range as expected in previous days. Hourly MACD widened in bearish territory. Hourly CCI and KD were in neutral area. If iron maintain trading in 20 yuan/ton range, the price will be hard to see directional movement. A breakdown on 814.0 or a breakthrough on 840.0 potentially drive …
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Daily Virtual Steel Mill Report 20/06/24
Verdict: • Short-run Neutral. Macro: • During the Finance Forum in Lujiazui, Shanghai, PBOC’s Pan signals supportive monetary in China, however with limits. The chairman of Regulatory body CSRC mentioned strategic role of high quality development among listed companies, improving companies value and protecting investors rights. Iron Ore Key Indicators: • Platts62 $107.35, …
Iron Ore DCE Sep24 Daily Technical Review 19/06/24
Verdict- Neutral. DCE Sep24 tested low and picked up. Iron ore saw support above 818.0 level, which was 1.5 yuan higher than last low. Thus, standing on 816.5 in general mean a stablisation in short-run. Hourly MACD narrowed in bullish territory. First support 816.5. First resistance 840.0.
Daily Virtual Steel Mill Report 18/06/24
Verdict: • Short-run Neutral. Macro: • India steel maker Vedanta Sesa Goa subsidiary Wester Cluster Ltd announced to invest $2 billion dollars in Lybia to support its iron ore production. Iron Ore Key Indicators: • There was no Platts index due to Singapore holiday. Thus, the trade was quiet on ports and seaborne. …
Iron Ore DCE Sep24 Daily Technical Review 18/06/24
Verdict- Neutral. DCE Sep24 rebounded during trading day however gave back some gains before closing. Hourly slow stochastic KD created dead cross. Hourly CCI dropped from bullish territory to neutral area. Hourly MACD narrowed in bullish territory. If iron ore stand on 797.0, then market potentially see reversal. First support 797.0. First resistance 836.5.
Daily Virtual Steel Mill Report 18/06/24
Verdict: • Short-run Neutral. Macro: • India steel maker Vedanta Sesa Goa subsidiary Wester Cluster Ltd announced to invest $2 billion dollars in Lybia to support its iron ore production. Iron Ore Key Indicators: • There was no Platts index due to Singapore holiday. Thus, the trade was quiet on ports and seaborne. …
Iron Ore DCE Sep24 Daily Technical Review 17/06/24
Verdict- Neutral. DCE Sep24 corrected significantly during the trading day. Hourly MACD created dead cross. Hourly CCI approached oversold area after a dead cross. CCI reached the boundary of bearish territory. The technical chart indicated iron ore potentially build a second low after June 13th. Standing on last low at 797.0 would mean iron ore …
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Daily Virtual Steel Mill Report 17/06/24
Verdict: • Short-run Neutral. Macro: • China M2 for May up 7.0% on the year, M1 down 4.2% on the year. M2- M1 spread widened to 11.2%, refreshed the highest since January 2022. • China May Industrial Value Added Amount above designated scale up 5.6%, last 6.7%.China May House developing investment down 10.1%, last …