Verdict- Neutral to Bearish. DCE May24 contract returned to correction phase after eroding the gap created by yesterday. Hourly MACD created dead cross. Hourly CCI entered bearish territory. Iron ore potentially test low in the next few sessions. First support 915.0. First resistance 950.0.
Author archives: Hao Pei
Daily Virtual Steel Mill Report 17/01/24
Verdict: • Short-run Neutral. Macro: • ECB’s member Gediminas Simkus said investors are far less optimistic than markets on rate cuts. The salaries statistics were considered important. • China Premier Li Qiang attended the World Economic Forum 2024 Annual Meeting at the Davos and delivered a special speech, expected GDP growth about 5.2%, higher …
Iron Ore DCE May24 Daily Technical Review 16/01/24
Verdict- Neutral to Bearish. DCE May24 contract tested low and rebounded by last half hour. Hourly MACD narrowed in bearish territory. Hourly slow stochastic KD flattened above oversold area. Iron ore saw exhaustion at current level. A hold on the low at 924.5 potentially bring iron ore into a consolidating phase. First support 924.5. First …
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Daily Virtual Steel Mill Report 16/01/24
Verdict: • Short-run Bearish. Macro: • The world bank published global economy outlook, mentioned global economy growth by 2.4% in 2024, unchanged with expectation at June 2024. The estimated growth rate of 2025 reached 2.7%, 0.3% lower than expected. • Rio Tinto published Q4 production and consumption report, Q4 iron ore production at 87.5 …
Iron Ore DCE May24 Daily Technical Review 15/01/24
Verdict- Neutral to Bearish. DCE May24 contract corrected as expected. Iron ore saw increasing aggregated volume however a 13.7% open interest loss from January 13th , when iron ore May24 reached listed high. Hourly CCI reached bearish territory. Hourly MACD walked in bearish territory. Iron ore potentially test low in next few sessions. First support …
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Daily Virtual Steel Mill Report 15/01/24
Verdict: • Short-run Bearish. Macro: • China Chief Economist Forum expected the infrastructure investment growth would reach 8%, CPI up 1.5% in 2024. • The escalation of RedSea confliction forced more ships changed routes to avoid RedSea in long-run. Iron Ore Key Indicators: • Platts62 $131.20, -4.55, MTD $138.94. As the winter stock …
Iron Ore DCE May24 Daily Technical Review 11/01/24
Verdict- Neutral. DCE May24 contract reversed from periodic low at 952.5 created last night. Hourly MACD narrowed. Hourly slow stochastic KD rebounded fast after created gold cross in oversold area. Hourly CCI entered neutral area. The next resistance level at 990.0 potentially provide some pressure as price used to stay at this level for two …
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Daily Virtual Steel Mill Report 11/01/24
Verdict: • Short-run Neutral. Macro: • The unexpected EIA report on the increasing oil inventories dragged down oil price by $1 overnight. Iron Ore Key Indicators: • Platts62 $139.10, -0.30, MTD $141.53. The prompt demand was weak given a decreasing pig iron production, when mills started maintenance. The demand for February laycans was …
Iron Ore DCE May24 Daily Technical Review 10/01/24
Verdict- Neutral to Bearish. DCE May24 contract corrected as expected. Hourly MACD widened in bearish territory. Hourly CCI entered bearish territory. Iron ore broke important support at 969.0 with expand volume and loss on open interest. Iron ore potentially test low in next few sessions. First support 915.0. First resistance 969.0.
Daily Virtual Steel Mill Report 10/01/24
Verdict: • Short-run Bearish. Macro: • Rio Tinto started the world’s biggest mining project, Simandou Project, estimated to see the first delivery in 2025. The project estimated to produce 60 million tons of iron ore, accounted for 5% of total seaborne market. • World Bank published global economic outlook, estimated global GDP up 2.4%, …