Author archives: Hao Pei

Iron Ore DCE Jan Daily Technical Review 30/8/21

Verdict – Short-term neutral. DCE iron ore January contract completed four Elliot waves from hourly chart. Currently confirming the fifth wave. A breakthrough on 874.0 would start a new round of fifth wave and potentially targeting above 900 level. Otherwise iron ore consolidation. A breakdown on 813.5 would indicate the end of last round of …

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Daily Virtual Steel Mill Report 30/8/21

Market Verdict on Iron Ore： ·         Neutral. Macro ·         Sun Hui, deputy director of the Shanghai headquarters of the People’s Bank of China: develop the RMB settlement in crude oil, iron ore, grain, rubber and other bulk commodities, overseas contracted projects and other key fields, as well as start to breakthrough on the new settlements …

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Daily Virtual Steel Mill Report 27/8/21

Market Verdict on Iron Ore： –  Neutral. Macro – The day before chairman Powell’s important speech, hawkish officials of the Federal Reserve urged to start reducing the Treasury Bond purchase plan. They believe that the plan has become ineffective or even harmful. Iron Ore Key Indicators: –  Platts62 $153.35, +3.90, MTD $159.72. – MySteel 45 …

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Daily Virtual Steel Mill Report 26/8/21

Market Verdict on Iron Ore： ·         Neutral to bullish Macro ·         S&P 500 and Nasdaq closed on prehistoric high yesterday. Iron Ore Key Indicators: ·         Platts62 $149.45, +0.85, MTD $160.09. ·         Brazil Minas Gerais State No. 8 iron ore miner received environment approval by the end of year 2021, and the miner will immediately start …

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Iron Ore DCE Jan Daily Technical Review 26/8/21

Verdict – Short-term neutral. DCE iron ore January contract reached 7 day high intra-market, however gave back most of gains. In general iron ore maintained oversold rebound this week. However 844.0 rejected iron six times from hourly chart, which was a strong resistance in short-run. Hourly candles created higher consolidation area, and proved a rebound …

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Iron Ore DCE Jan Daily Technical Review 25/8/21

Verdict – Short-term neutral. DCE iron ore January contract correct slightly during the day. Hourly stochastic KD created dead cross in the second hour of this Asian morning. CCI corrected for consecutive 6 hours. Hourly MACD also flattened. However daily MACD potentially create gold cross. The short-run and mid-run technical signals were conflicting at the …

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Daily Virtual Steel Mill Report 25/8/21

Market Verdict on Iron Ore： ·         Iron ore short-run neutral. Macro ·         From January to July, China issued 3997.9 billion yuan of local government bonds, a year-on-year increase of 6.37%. In July, the country issued 656.8 billion yuan of local government bonds. About 50% of the new special bonds issued by local governments from January …

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Iron Ore DCE Jan Daily Technical Review 23/8/21

Verdict – Short-term neutral. DCE iron ore January contract gave back most of gains created by last Friday. Hourly MACD weakened. Hourly slow stochastic KD created dead cross below overbought area. Hourly CCI corrected to bearish area from bullish area fast. The short support 735.0 was strong, which used to create a market reversal. However …

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