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Verdict – Short-term neutral, be aware of reversal. DCE iron ore Jan contract rebound with increasing volume, Jan contract created historical high at 886.0. However hourly slow stochastic KD created dead cross near overbought area. Hourly CCI created bearish divergence with hourly candle from the first hour of the day. The first support is 850.0. …
Continue reading “Iron Ore DCE January Daily Technical Review Nov 19th”
Ferrous Market – Tangshan 10 steel mills average pig iron cost 2446 yuan/tonne, billet cost 3181 yuan/tonne, up 2 yuan/tonne. Mills gross profit 419 yuan/tonne, up 18 yuan w-o-w. – China coal mines safety and inspection bureau planned to investigate Shanxi Province on the safety production and facilities for three months. – MySteel Rebar Inventory: …
Verdict – Short-term neutral. DCE iron ore Jan contract created both higher highs and higher lows compared to yesterday. However the volatility range became smaller. Iron ore during last three days rebounded with smaller trading volume. From hourly chart, MACD was flattening. Slow stochastic KD was close to the bound of overbought area. If a …
Continue reading “Iron Ore DCE January Daily Technical Review Nov 18th”
Ferrous Market – Ganggu Construction Steel Inventory: production 5.28 million tonnes, up 19,400 tonnes w-o-w. Mills inventory 3.37 million tonnes, down 178,400 tonnes w-o-w. Circulation inventory 7.20 million tonnes, down 729,800 tonnes w-o-w. – Decmil Group signed 22 million dollar contract with Rio Tinto on the west Pilbara Mesa J miner’s structure and transportation service, …
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Verdict – Short-term neutral. DCE iron ore Jan contract volatility increased and the high low range expanded compared to last Friday. A rejection on 850.0 would stuck iron ore in 819.5-850.0 in short-run. However a breakthrough on 850.0 would potentially trigger a new round of rebound. Hourly MACD potentially create a gold cross. Technical signals …
Continue reading “Iron Ore DCE January Daily Technical Review Nov 16th”
Ferrous Market – Steelbank: construction steel inventory 4.49 million tonnes, down 12.91% w-o-w. HRC inventory 1.67 million tonnes, down 14.44% w-o-w. – China October crude steel production 92.2 million tonnes, up 12.7 y-o-y. Jan – Oct crude steel production 873.93 million tonnes, up 5.5% y-o-y. – China Ministry of Industrial and Information Technology researcher indicated …
Verdict – Short-term neutral. DCE iron ore ticked high and long covering to take gains during afternoon session with significantly increasing volume compared to Asian morning session. From hourly chart, MACD created dead cross. Slow stochastic created dead cross below overbought area. CCI created the lowest in November. Short-run technicals are indicating an exhaustion of …
Continue reading “Iron Ore DCE January Daily Technical Review Nov 12th”
Ferrous Market – China September and October steel export orders increase, which could result in the export volume increase in following months of the year. – Tangshan researched 10 sample steel mills profit at 401 yuan/tonne, up 99 yuan/tonne w-o-w. – MySteel Rebar Inventory: Rebar production 3.64 million tonnes, up 1.18% w-o-w. Mills inventory 2.47 …
Verdict – Short-term neutral to bullish, be aware of market reversal. DCE iron ore rebounded gentlely during the day. However most of the push was contributed by some block trades during 14:00 – 14:01 p.m. In addition ferrous sector is also supported by coking coal spike. Hourly MACD and CCI are both flatenning. Short-run technicals …
Continue reading “Iron Ore DCE January Daily Technical Review Nov 11th”