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Verdict – Short-term neutral. DCE iron ore rebounded and resisted by major resistance at 1060. Be aware of cross day short-run trades, which happen few times from late December. A breakthrough on 1079.0 would bring iron ore back to bullish territory. Hourly MACD created gold cross and widened. Slow stochastic KD also created gold …
Continue reading “Iron Ore DCE May Daily Technical Review 14/1/21”
Ferrous Market – Ganggu Construction Steel Inventory: production 5.12 million tonnes, down 142,700 tonnes w-o-w. Mills inventory 5.27 million tonnes, up 335,300 tonnes w-o-w. Circulation inventory 6.21 million tonnes, up 272,500 tonnes w-o-w. – Samarco shipped 75,000 tonnes of pellets from Brazil to Europe, first laycan after restart the operation. Samarco recovered 26% utilisation rate, …
Verdict – Short-term neutral to bearish. DCE iron ore corrected, however majorly consolidate between 1022.0- 1060.0 area. The trading volume down significantly. From hourly chart, MACD was flattened below 0 axis. Hourly slow stochastic KD created dead cross below overbought area. CCI created a double tops from hourly chart, indicating a correction potential. …
Continue reading “Iron Ore DCE May Daily Technical Review 13/1/21”
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Ferrous Market – Steelbank Inventory: construction steel inventories 3.11 million tonnes, up 6.84% w-o-w. HRC 1.77 million tonnes, up 11.45% w-o-w. – Northern Australia miner Frances Creek, acquired from Gold Valley Holdings six years ago, is currently investing 11.3 million dollars to upgrade facilities. First . NT Bulion planned to start the first trains with …
Verdict – Short-term neutral. DCE iron ore corrected from the high of 1079.0 created on last Friday, the support area was in 1016-1022 area. From hourly chart, CCI was still testing two week low area. Hourly KD became flat after the dead cross in 8th. MACD became flat in bearish area. The first support is …
Continue reading “Iron Ore DCE May Daily Technical Review 11/1/21”
Ferrous Market – MySteel 45 ports iron ore inventories at 122.67 million tonnes, down 1.49 million tonnes w-o-w. Daily evacuation 3.02 million tonnes, up 221,600 tonnes w-o-w. Australia iron ore 58.598 million tonnes, down 567,000 tonnes w-o-w. Brazil iron ore 40.435 million tonnes, down 349,000 tonnes w-o-w. 159 ships at ports, up 1. – Mysteel …
Verdict – Short-term neutral, be aware of taking gains of market. DCE iron ore rebounded with higher highs and lows. However still resisted by 1069.5 in particular during the last trading hour. In short-run, be aware of the taking gains when market reaches 1069.5-1079.0 area. From hourly chart, slow stochastic flattened after a dead cross. …
Continue reading “Iron Ore DCE May Daily Technical Review Jan 8th”
Ferrous Market – Brazil authorities hope to finalise later this month a settlement with Vale SA for the Brumadinho Dam collapse occurred in early 2019. Vale presented a value of about 21b reais($4b), while Minas Gerais outlined 28b reais in material damages, plus 26b reais in moral damages. – Tangshan 10 sample steel mills pig …
Verdict – Short-term neutral to bullish, be aware of taking gains of market. DCE iron ore broke 1048.5, which was the major resistance previously. A breakthrough on 1069.5 would potentially mean a new spike towards last year high at 1147.0. Hourly KD rebounded after a gold cross yesterday and approached overbought area. CCI was close …
Continue reading “Iron Ore DCE May Daily Technical Review 7/1/21”