Market Verdict on Iron Ore： • Neutral to bullish. Macro • U.S. trade representative Katherine Tai said on Monday that U.S. would consider using all tools to fight inflation, including reducing tariffs on Chinese exports. • European Commission President Ursula von der Leyen said that the EU would completely ban oil imports from Russia …
Author archives: Hao Pei
Iron Ore DCE September Daily Technical Review 29/4/22
Verdict – Short-term neutral. DCE iron ore September contract created a four-day consecutive increase, however the trading volume and open interest decreased significantly. Traders were cautious before the China and Singapore Labour Day. Hourly slow stochastic KD maintained a healthy growth in overbought area. Hourly CCI hold on bullish territory. An effective breakthrough on the …
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Daily Virtual Steel Mill Report 29/4/22
Market Verdict on Iron Ore： • Neutral. Macro • Chinese offshore yuan CNH depreciated 700 basis points at 6.66, dragged by the weakening of Japanese yen. • U.S. GDP Q1 growth rate -1.4%, created the first negative number since the Q2 2020, est.+ 1.1%, last +6.9%. Iron Ore Key Indicators: • Platts62 $142.00, …
Iron Ore DCE September Daily Technical Review 27/04/22
Verdict – Short-term neutral. DCE iron ore September contract inched up during the day, with flat volume compared with yesterday. Iron ore created higher highs and lows, however resisted by import level at 836.0, which was the upper boundary of a previous gap. CCI, slow stochastic KD and MACD in hourly chart all became …
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Iron Ore DCE September Daily Technical Review 26/4/22
Verdict – Short-term neutral to bearish. DCE iron ore September contract rebounded slightly, however trading volume slumped by 30%, indicating the market currently has limited motive to reverse market back to bull. Hourly MACD potentially create gold cross. Hourly slow stochastic KD rebound fast after created a gold cross in oversold area. However the …
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Daily Virtual Steel Mill Report 26/4/22
Market Verdict on Iron Ore： • Neutral. Macro • China central bank PBOC decided to decrease foreign exchange deposit rate by 1% to 8%, effective from May 15th. CNH appreciated 389 basis points after a 1766 depreciation over the previous four trading days. • US Treasury Secretary Yellen hinted that in order to get …
Iron Ore DCE September Daily Technical Review 25/4/22
Verdict – Short-term bearish. DCE iron ore September contract reached limited-down several times during the day and closed only 2 yuan above limited down level. The trading volume increased significantly. Iron ore entered a mid-run bearish market. Hourly CCI refreshed new low since the Sep22 contract listed. Hourly MACD fell fast in bearish territory. …
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Daily Virtual Steel Mill Report 25/4/22
Market Verdict on Iron Ore： • Bearish. Macro • EU issued a guidance document saying that it is feasible to pay on Russian natural gas with rubles, without violating the sanctions. • US Treasury Secretary Yellen hinted that in order to get rid of the highest inflation in 40 years, the United States is …
Iron Ore DCE September Daily Technical Review 22/4/22
Verdict – Short-term bearish. DCE iron ore September contract broke the important support level at 885.0 – 887.0, entering a correction phase. A further breakdown on 876.0 potentially initiate an acceleration of correction. Hourly MACD tested 0 axis and corrected back. However CCI approached the boundary of neutral and bearish territory. Short-run bearish. The first …
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Daily Virtual Steel Mill Report 22/4/22
Market Verdict on Iron Ore： • Neutral to bearish. Macro • CNH depreciated 300 basis points at 6.45, refreshed six-month records. • U.S. Federal official Mary Darly indicated that the 50 basis points interest rate increase was “very possible” in May. U.S. Federal potentially to raise interest rate to a neutral level. • Germany …