Verdict: • Short-run Neutral. Macro: • In 2023, the domestic production of the top three coal producers worldwide all reached historic highs. China’s coal production reached 4.66 billion tons, a year-on-year increase of 2.9%. In 2023, India’s coal production reached 1.011 billion tons, a year-on-year increase of 10.9%. Indonesia’s coal production reached a historic …
Author archives: Hao Pei
Iron Ore DCE May24 Daily Technical Review 06/02/24
Verdict- Neutral. DCE May24 contract corrected slightly but maintained in a neutral range as expected from yesterday. The decreasing interest indicated an exhaustion of current market. Hourly MACD created gold cross. Hourly slow stochastic went flat. The market potentially see consolidation in the next few sessions. First support 924.0. First resistance 958.5.
Daily Virtual Steel Mill Report 06/02/24
Verdict: • Short-run Bearish. Macro: • The OECD increased the global GDP growth rate from 2.7% to 2.9%. • The IMF estimated that the growth rate of China in 2024 expected to increase by 4.6%. Iron Ore Key Indicators: • Platts62 $127.20, -0.80, MTD $129.33. Iron ore market suffered correction following the correction …
Iron Ore DCE May24 Daily Technical Review 05/02/24
Verdict- Neutral to Bearish. DCE May24 contract potentially see a periodic bottom area. Hourly slow stochastic KD created gold cross in oversold area. Hourly MACD created gold cross. However the intraday resisted by 958.5. Market participants maintain watch and see mode before long holiday with narrowing volume. First support 933.5. First resistance 958.5.
Daily Virtual Steel Mill Report 06/02/24
Verdict: • Short-run Neutral. Macro: • The UN statistics indicated that thee ships passed by Suez Cannel down 42% during the past two months. • The IMF estimated that the growth rate of China in 2024 expected to increase by 4.6%. Iron Ore Key Indicators: • Platts62 $128.00, -4.80, MTD $130.40. Iron ore …
Iron Ore DCE May24 Daily Technical Review 02/02/24
Verdict- Bearish. DCE May24 contract returned to bearish tunnel after breakdown the intra-day support level by 955.0. Hourly MACD widened in bearish territory. Hourly slow stochastic KD entered oversold area. Hourly CCI entered bearish territory. Iron ore finally ended with slower rebound during last hour, however the 935.5 was an intra-day level support. First support …
Continue reading “Iron Ore DCE May24 Daily Technical Review 02/02/24”
Daily Virtual Steel Mill Report 02/02/24
Verdict: • Short-run Neutral to Bearish. Macro: • US jobless claim reached 224,000, refreshed new high since the week consecutive on November 11th in 2023, est. 212,000, last 214,000. • BOE maintained unchanged interest rate at 5.25%, as expected from the market. The bankers indicated a interest rate cut would happen only if the …
Iron Ore DCE May24 Daily Technical Review 01/02/24
Verdict- Neutral. DCE May24 contract saw an exhaustion after a round of correction by early half of the week. From hourly chart, MACD narrowed in bearish territory. Hourly slow stochastic KD created gold cross in oversold area and rebounded to neutral area. Hourly CCI escaped from bearish territory. Iron ore potentially starts consolidation before a …
Continue reading “Iron Ore DCE May24 Daily Technical Review 01/02/24”
Daily Virtual Steel Mill Report 01/02/24
Verdict: • Short-run Neutral to Bearish. Macro: • The FOMC indicated an unchanged interest rate at 5.25%- 5.5%, fell into previous expectation. The US Federal believed the interest cut is inappropriate before the inflation rate reached the target area. • The manufacturing PMI reached 49.2%, up 0.2% on the month, indicating a recovery of …
Iron Ore DCE May24 Daily Technical Review 25/01/24
Verdict- Be Aware of Reversal. DCE May24 contract opened high however retreated all gains compared with high open last night. From hourly chart, MACD narrowed in bullish territory. Hourly slow stochastic KD created dead cross in overbought area. Hourly CCI corrected from bullish area to neutral area. The upward movement of iron ore saw exhaustion. …
Continue reading “Iron Ore DCE May24 Daily Technical Review 25/01/24”