Verdict: • Short-run Neutral. Macro: • US Beige Book showed stagnant and declining US economic activities. Price and wages rose modestly in recent weeks. Employers decreased hiring. The Atlantic Federal officer Bostic indicated that the high for long interest rate would hurt job market. • Canada cut interest rate by 25 bps for the …
Author archives: Hao Pei
Iron Ore DCE Jan27 Daily Technical Review 03/09/24
Verdict- Neutral. DCE iron ore widened in bearish territory. Hourly slow stochastic KD created gold cross in oversold area. Hourly CCI approached neutral area. Iron ore potentially saw a small rebound from technical signals by next session. However, if a fast breakdown on 688.5 would bring market back to bearish. First support 688.5. First resistance …
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Daily Virtual Steel Mill Report 03/09/24
Verdict: • Short-run Neutral. Macro: • China Caixin manufacturing PMI reached 50.4 in August, up 0.6 from July. • Reuters: Saudi Arab expected to decrease most of oils sold to Asia in October after a drop on Dubai oil. Iron Ore Key Indicators: • Platts62 $96.15, -4.10, MTD $96.15. The supply of MACFs …
Iron Ore DCE Jan27 Daily Technical Review 02/09/24
Verdict- Neutral. DCE iron ore corrected with increasing volume. The open interest decreased because of long covering. Hourly MACD widened in bullish territory. Hourly slow stochastic KD reached bearish territory. Hourly CCI reversed from bearish territory and approached neutral territory. In short-run, iron ore potentially test low in next session. First support 714.0. First resistance …
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Daily Virtual Steel Mill Report 02/09/24
Verdict: • Short-run Neutral. Macro: • China NBS: China manufacturing PMI August at 49.1%, down 0.3% on the month. • Reuters: Six OPEC+ sources indicated to increase oil production as planned from October, as Libya suspended production and some member countries promise to cut production to fill up for excess quotas, offsetting the impact …
Iron Ore DCE Jan27 Daily Technical Review 30/08/24
Verdict- Neutral. DCE iron ore corrected during the day. Iron ore was traded in 747.5- 767.5 range during past four trading days. Hourly MACD widened in bearish territory. Hourly CCI moved from neutral area to bearish territory. A breakthrough on either upper side of lower side of the rangebox would initiate a directional movement. Otherwise …
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Daily Virtual Steel Mill Report 30/08/24
Verdict: • Short-run Neutral to Bullish. Macro: • US jobless claims past week reached 231,000, est. 232,000, last 232,000. Iron Ore Key Indicators: • Platts62 $101.25, +0.80, MTD $98.63. There were many fixed trades and premium concentrates traded during this week, indicating a strong restocking. Thus, price gained support from current level. MACF …
Iron Ore DCE Jan27 Daily Technical Review 29/08/24
Verdict- Neutral to Bullish. DCE iron ore rebounded as expected. Hourly MACD created gold cross after narrowed in bearish territory. Hourly CCI entered bullish area from neutral area. Iron ore is currently on the ascending cycle of the fourth wave according to Elliot Wave Theory. The daily low fell on the same level of yesterday, …
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Daily Virtual Steel Mill Report 29/08/24
Verdict: • Short-run Neutral to Bullish. Macro: • US dollar appreciated because of technical buying. Previously, US dollar index once reached year-low. The traders were waiting for new changes on the interest cut stories. Iron Ore Key Indicators: • Platts62 $100.45, -0.65, MTD $98.49. The seaborne iron ore trades were increased significantly yesterday. …
Iron Ore DCE Jan27 Daily Technical Review 28/08/24
Verdict- Neutral to Bullish. DCE iron ore corrected slightly during the trading day. Hourly MACD created dead cross. Hourly CCI entered neutral area from bullish territory. Hourly slow stochastic KD started to correct after a dead cross created in bullish territory. Short-run technical signals were indicating an exhaustion on previous rebound. However we maintain bullish …
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