Verdict: • Short-run Neutral. Macro: • Fed governor Rafeal Bostic said that inflation is expected to “slowly” return to the 2% target. Thus it would be appropriate for the Fed to cut interest rates twice by 25 basis points before the end of this year. • China government work report indicated the GDP growth …
Author archives: Hao Pei
Iron Ore DCE May24 Daily Technical Review 04/03/24
Verdict- Neutral. DCE May24 contract broke last low at 865.0 as expected, however recovered all losses fast and closed high. The return of buyers generally mean the support should be robust at 860.5 -865.0 area. Hourly CCI returned from bearish territory to neutral area. Hourly slow stochastic KD created gold cross in oversold area. Hourly …
Continue reading “Iron Ore DCE May24 Daily Technical Review 04/03/24”
Daily Virtual Steel Mill Report 04/03/24
Verdict: • Short-run Neutral. Macro: • Several OPEC+ countries extend output cuts through Q2, as Russia announces new reductions. Iron Ore Key Indicators: • Platts62 $115.40, -1.70, MTD $115.40. There were some seaborne trade during late half of last week after the two extreme quiet weeks after Chinese New Year. The market was …
Iron Ore DCE May24 Daily Technical Review 01/03/24
Verdict- Neutral to Bearish. DCE May24 contract moved in narrow range during most time of day, however tanked during last half hour, which resulted in a dead cross from hourly MACD, slow stochastic KD and a sharp drop on CCI to bearish territory. The last half hour drop attracted increasing volume. Iron ore will test …
Continue reading “Iron Ore DCE May24 Daily Technical Review 01/03/24”
Daily Virtual Steel Mill Report 01/03/24
Verdict: • Short-run Neutral. Macro: • According to China National Bureau of Statistics, China produced 1.019 billion tons of crude steels in 2023, unchanged from 2022. China produced 1.36 billion tons of finished steels, up 5.2% on the year. China produced 4.71 billion tons of coals, up 3.0% on the year. • One of …
Iron Ore DCE May24 Daily Technical Review 29/02/24
Verdict- Neutral. DCE May24 contract moved in the range box from 876.0- 900.0 as expected from last trading day. The daily technical signals provided support, as gold cross on slow stochastic KD and narrowed MACD in bearish territory. The intraday signals saw a fast ascending CCI to approach bullish territory. On the other side, iron …
Continue reading “Iron Ore DCE May24 Daily Technical Review 29/02/24”
Daily Virtual Steel Mill Report 29/02/24
Verdict: • Short-run Neutral. Macro: • According to Bloomberg news, BHP Group Ltd., the world’s biggest miner, has embarked on a major restructure of its global business, affecting units from mine-planning to decarbonization and heritage protection. Iron Ore Key Indicators: • Platts62 $116.90, -1.30, MTD $125.27. The virtual steel margin recovered from 30 …
Iron Ore DCE May24 Daily Technical Review 27/02/24
Verdict- Neutral to Bullish. DCE May24 contract followed the significant rebound of China house developer equities as well as major commodities growth. Hourly CCI left neutral area and approached bullish territory. Hourly MACD created gold cross. Iron ore potentially test 915.0 as an intraday resistance with many positions built from 900.0 – 915.0 during the …
Continue reading “Iron Ore DCE May24 Daily Technical Review 27/02/24”
Daily Virtual Steel Mill Report 27/02/24
Verdict: • Short-run Neutral to Bearish. Macro: • ECB banker Christian Lagarde indicated that the 2% inflation target must be realised. ECB governor indicated the first interest cut would start in June. • Reuters: India is considering an export tax on low-grade iron ore after small steel producers urged the government to curb its …
Iron Ore DCE May24 Daily Technical Review 26/02/24
Verdict- Neutral to Bearish. DCE May24 contract corrected massively after broke the periodic low around 885.5. Iron ore gained intra-day support at 871.0, however the short-run support should lie around 850.0. Slow stochastic KD corrected to oversold area. Hourly CCI moved in bearish territory. As said in previous reports, iron ore is facing mid-run selling …
Continue reading “Iron Ore DCE May24 Daily Technical Review 26/02/24”