Verdict: • Short-run Neutral to Bullish. Macro: • European central bank became the second bank in G7 to announce rate cuts following Canada. The EBC cut major interest rate by 25 bps. Thus, global equities and commodities saw a growth yesterday. • The jobless files of US in last week reached 229,000, est. 220,000, …
Author archives: Hao Pei
Daily Virtual Steel Mill Report 06/06/24
Verdict: • Short-run Neutral. Macro: • Canada cut interest rate by 25 bps to 4.75%, became the first country to cut interest rate in G7. • EIA report indicated that US crude oil inventories up 1.233 million barrels to 456 million barrels, refreshed new high since March 31st, 2023. Iron Ore Key Indicators: …
Iron Ore DCE Sep24 Daily Technical Review 06/06/24
Verdict- Neutral to Bullish. DCE Sep24 reversed during the trading day with decrease on open positions and an increase on volume, indicating previous sellers taking gains. As we expected, the bearish trend called an end technically in short-run. Hourly MACD widened in bullish territory. Hourly slow stochastic KD hiked after a gold cross near oversold …
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Iron Ore DCE Sep24 Daily Technical Review 05/06/24
Verdict- Neutral. DCE Sep24 corrected as expected from last report. Hourly MACD created gold cross. Hourly slow stochastic KD reached oversold area. Iron ore saw exhaustion at 826.0 – 835.0 area. Thus, a stand on this area potentially mean rebound. Otherwise, iron ore maintain bearish. First support 805.0. First resistance 841.5.
Daily Virtual Steel Mill Report 05/06/24
Verdict: • Short-run Neutral. Macro: • US JOLTS job openings fall to 8.059 million in April, est. 8.34 million. Iron Ore Key Indicators: •Platts62 $106.80, -2.85, MTD $108.23. The buyers of mid-grade iron ore concentrates were back after two-week drop on the prices. There were two fixed trades of NHGF traded as well as …
Iron Ore DCE Sep24 Daily Technical Review 04/06/24
Verdict- Neutral to Bearish. DCE Sep24 corrected as expected, new sellers entered market and led further correction. Hourly MACD narrowed in bearish territory. Hourly slow stochastic KD entered oversold area. The high of the day was rejected 50 cents below our first resistance at 850.0. Iron ore potentially test low in next few sessions and …
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Daily Virtual Steel Mill Report 04/06/24
Verdict: • Short-run Neutral. Macro: • Eurozone Manufacturing May PMI at 47.3, est. 47.4, last 47.4. Iron Ore Key Indicators: • Platts62 $109.65, -5.60, MTD $109.65. During the past week, Australia and Brazil total delivery reached 26.29 million tons, down 1.21 million tons on the week. The total arrival of Australia and Brazil …
Iron Ore DCE Sep24 Daily Technical Review 03/06/24
Verdict- Neutral to Bearish. DCE Sep24 corrected as expected and broke the second support around 850.0. Hourly MACD widened in bearish territory. Hourly CCI was in bearish area. In short-run, iron ore potentially test low according to technical signals. First support 805.0. First resistance 850.0.
Daily Virtual Steel Mill Report 03/06/24
Verdict: • Short-run Neutral. Macro: • US PCE April price index up 0.2%, refreshed new low since December 2023, est. 0.3%, last 0.3%. • According to Euro Statistics, EU inflation in May reached 2.6%, 0.2% higher than April. Iron Ore Key Indicators: • Platts62 $115.25, +0.10, MTD $117.52. There were two SSF sold …
Iron Ore DCE Sep24 Daily Technical Review 30/05/24
Verdict- Neutral to Bearish. DCE Sep24 corrected significantly dragged down by sharp correction on copper and silver. Hourly MACD widened in bearish territory. Hourly slow stochastic KD deepened correction. Iron ore entered mid-run correction again after broke 880.0 level. First support 850.0. First resistance 880.0.