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Verdict – Short-term neutral, be aware of market reversal. DCE iron ore Jan contract correct from historical high after the spike on Friday night. However iron ore may entirely ignored the exchange inspection notice and stay similar level from Friday night closing. A breakthrough on 923.5, previous high, potentially push iron ore back to the …
Continue reading “Iron Ore DCE May Daily Technical Review Dec 7th”
Ferrous Market – Steelbank Inventory: construction steel inventories 3.33 million tonnes, down 8.18% w-o-w. HRC 1.34 million tonnes, down 7.79% w-o-w. – A CISA official indicated iron ore spike has increased the industry risk and harm to the stabilisation on the ferrous chain, and suspect some market squeeze and manipulation. – DCE started a new …
Verdict – Short-term neutral. DCE iron ore Jan contract daily candle created a doji, however the intra-day high still create historic high. The Jan contract continue to roll, expected to finish early next week. The yesterday increase on position were proved as an intra-day turnover as most of them are decreased today. From hourly chart, …
Continue reading “Iron Ore DCE January Daily Technical Review Dec 3rd”
Ferrous Market – Vale decrease the iron ore 2020 production to 300-305 million tonnes, previously 310-330 million tonnes. The year 2021 expected production at 315-335 million tonnes. The year 2022 iron ore production reached 400 million tonnes. In next few years, Vale expected annual production reaching 450 million tonnes. – MySteel Rebar Inventory: Rebar production …
Verdict – Short-term neutral. DCE iron ore Jan contract spiked following the coking coal Jan, which increased by 5.25%. The rolling of iron ore look very slow today. Be aware of short-run traders taking gains tomorrow. From hourly chart, slow stochastic KD went up through overbought area. CCI rebound slower. The first support is 915.0. …
Continue reading “Iron Ore DCE January Daily Technical Review Dec 2nd”
Ferrous Market – China Iron ore 45 port arrivals(Nov 23-29th) at 22.05 million tonnes, down 1.02 million tonnes w-o-w. Northern six port arrivals at 10.96 million tonnes, down 938,000 million tonnes w-o-w. – Mysteel researched Nov 30- Dec 6th Australia iron ore port maintainance impact iron ore delivery arround 1.001 million tonnes. – Ganggu Construction …
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Verdict – Short-term neutral. DCE iron ore Jan contract created bigger volatility during the day compared to last week. Iron ore created new high however stayed less than 1 minute and pulled back. Iron ore potentially consolidate around 911.0-912.0 area. Hourly slow stochastic KD created dead cross on Nov 27th and Nov 30th. Technical signals …
Continue reading “Iron Ore DCE January Daily Technical Review Nov 30th”
Ferrous Market – Steelbank: construction steel inventories 3.63 million tonnes, down 7.4% w-o-w. HRC inventories 1.45 million tonnes, down 8.42% w-o-w. – Vale was approved to recover production in Serra Leste miner, expected total production 4-5 million tonnes in the year 2021, and reached 6 million of annual production in the year 2022. – Tangshan …
Verdict – Short-term neutral. DCE iron ore Jan contract created historic high overnight and however lose most of the intra-day gains during the Asian day session. Jan long positions were rolling to May which caused a quick narrow on Jan-May. From hourly chart, MACD is narrowing. Slow stochastic KD created dead cross before noon. CCI …
Continue reading “Iron Ore DCE January Daily Technical Review Nov 27th”