Market Verdict on Iron Ore： • Neutral to bullish. Macro • IMF decreased global GDP growth in 2022 from 3.6% to 3.2%. • U.S. white house indicated that the country would release 20 million barrels of crude oil supply from its national reserve, 1 million barrels on daily basis. • Chinese Machinery Association statistic …
Author archives: Hao Pei
Iron Ore DCE September Daily Technical Review 26/07/22
Verdict – Short-term neutral to bullish. DCE iron ore September maintained strong as expected. Hourly MACD widened above 0 axis. Hourly CCI stayed in bullish territory. Iron ore hourly candles rebounded following a ladder shaped ascending structure. Short-run technical signals were indicating continuing rebound. The first support is 703.5. The first resistance is …
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Daily Virtual Steel Mill Report 26/07/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro • ECB official Kazaks indicated that the big interest hike expected to continue. • China Industry of Steel Association and India Steel Association held video conference to communicate the future corporation in iron ore and coals. • China Evergrande group, the house developer with …
China Plans To Launch A Real Estate Fund To Support Property Sector 26/07/22
China plans real estate fund worth up to $44 billion for distressed sector, source says China will launch a real estate fund to help property developers resolve a crippling debt crisis, aiming for a warchest of up to 300 billion yuan ($44 billion) in a bid to restore confidence in the industry, according to …
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Iron Ore DCE September Daily Technical Review 25/07/22
Verdict – Short-term neutral to bullish. DCE iron ore September maintained strong and created the second big spike with a gap by opening and increasing trading volume. The next resisting level fell in 735.5- 740.0, which used to be an area with massive trading volume. The iron ore expected to maintain bullish if the …
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Daily Virtual Steel Mill Report 25/07/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro • Russia and Ukraine signed agreements with Turkey and the United Nations on the transportation of agricultural products from the Black Sea ports, and the parties will cooperate to export grain from three Ukrainian ports, including Odessa. • According to the sanctions adjustment agreed …
Iron Ore DCE September Daily Technical Review 22/07/22
Verdict – Short-term neutral to bullish. DCE iron ore September intra-day high was resisted below 694.5, which used to be a boundary of previous gap. The low was supported by strong supporting level from 633.5 – 640.0. Daily MACD potentially create gold cross, led by daily CCI which left bearish territory. A breakthrough on …
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Daily Virtual Steel Mill Report 22/07/22
Market Verdict on Iron Ore： • Neutral. Macro • China NBS June excavators produced 21,769 units, down 3.4% on the year(May down 30.4%). H1 produced 156,803 units, down 27.1% on the year. • European central bank decided to increase 0% interest rate by 50 bp, created the first interest rate hike in the past …
Iron Ore DCE September Daily Technical Review 21/07/22
Verdict – Short-term neutral. DCE iron ore September maintained consolidation as expected. The rangebound became smaller observed by lower highs and higher lows. Hourly CCI flattened. Hourly MACD slowed down above 0 axis. The current strong resistance was 694.5, which was the upper boundary of a previous gap. The lower support lied in 634.5 …
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Daily Virtual Steel Mill Report 21/07/22
Market Verdict on Iron Ore： • Neutral. Macro • China July 1-year LPR at 3.7%, est. 3.7%, last 3.7%. 5-year LPR 4.45%, est. 4.45%, last 4.45%. • The European Central Bank is expected to raise interest rates for the first time in 11 years on July 21st. Market expect the interest hike would raise …