Verdict: • Short-run Neutral. Macro: • In June, the US CPI increased by 3% year-on-year, falling back to the lowest level since June last year, estimated 3.1%, last 3.3%. The June CPI decreased by 0.1% month on month, estimated 0.1%, last 0%. The core CPI in June increased by 3.3% year-on-year, falling to the …
Author archives: Hao Pei
Iron Ore DCE Sep24 Daily Technical Review 11/07/24
Verdict- Neutral to Bullish. Iron ore rebounded during the trading day as we expected “oversold” from last report. Hourly MACD created gold cross. Hourly slow stochastic KD hiked after a gold cross created above oversold area. Technical signals were indicating a potential to test high in next session. First support 810.0. First resistance 839.0.
Daily Virtual Steel Mill Report 11/07/24
Verdict: • Short-run Neutral to Bullish. Macro: • Federal Reserve Chair Jerome Powell said he believed inflation was receding, yet to prove that price gains were sustainably slowing to the central bank’s 2% growth rate. • China Regulative Body CSRC approved an increase in margin requirements for short selling. The biggest lending provider will …
Iron Ore DCE Sep24 Daily Technical Review 10/07/24
Verdict- Neutral. The weak performance in China equity and metal sector dragged performance of iron ore. Hourly MACD widened in bearish territory. Hourly CCI entered bearish territory. Iron ore slowed down the correction during last two hours. Iron ore potentially regain support if standing on 810.0 level in next few sessions. Iron ore in short-run …
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Daily Virtual Steel Mill Report 10/07/24
Verdict: • Short-run Neutral. Macro: • Both S&P 500 and Nasdaq hit new closing highs on Tuesday, driven by the rise of Nvidia. Earlier, Federal Reserve Chairman Powell told lawmakers that more “good” economic data would strengthen the reason for interest rate cuts. The S&P 500 index rose 0.07% to close at 5576.98. The …
Iron Ore DCE Sep24 Daily Technical Review 09/07/24
Verdict- Neutral. Iron ore returned to neutral area after a rebound during the day. Hourly slow stochastic KD created gold cross in oversold area. Hourly CCI entered neutral area from bearish area. Hourly MACD narrowed in bearish area. First support 816.5. First resistance 851.0.
Daily Virtual Steel Mill Report 09/07/24
Verdict: • Short-run Neutral. Macro: • China central bank PBOC announced to carry out a new tool: an afternoon window for reverse repo operations to help manage intra-day liquidity and ease market panic for potential funding tension. Iron Ore Key Indicators: • Platts62 $108.65, -1.85, MTD $111.21. Iron ore market entered watch and …
Iron Ore DCE Sep24 Daily Technical Review 08/07/24
Verdict- Neutral to Bearish Iron ore price increased as expected from last report. Hourly MACD widened in bullish territory. Hourly slow stochastic KD entered overbought area. Hourly CCI approached the high created on June 26th. Iron ore potentially maintain bullish in next few sessions. First support 800.0. First resistance 851.0.
Daily Virtual Steel Mill Report 08/07/24
Verdict: • Short-run Neutral. Macro: • US non-agricultural payroll grew 206,000, estimated 190,000, last 272,000. The unexpected unemployment rate reached 4.1%, refreshed new high from June 2021. • The new-built commercial houses trades in area created new high in 2024 for Beijing, Shanghai, Guangzhou and Shenzhen in June, grew by 21%, 66%, 48% and …
Iron Ore DCE Sep24 Daily Technical Review 03/07/24
Verdict- Neutral to Bullish. Iron ore price increased as expected from last report. Hourly MACD widened in bullish territory. Hourly slow stochastic KD entered overbought area. Hourly CCI approached the high created on June 26th. Iron ore potentially maintain bullish in next few sessions. First support 848.5. First resistance 870.0.