Verdict: • Short-run Neutral. Macro: • US Federal governor Miki Bowman said the earliest interest cut would be in 2025 concerning the high inflation rate. However, the other governor Lisa Cook indicated the inflation went down in March and June, the interest cut in 2024 would be propriate. Iron Ore Key Indicators: • …
Author archives: Hao Pei
Iron Ore DCE Sep24 Daily Technical Review 25/06/24
Verdict- Neutral. Iron ore closed at 801.0, higher than last closing at 795.5 with smaller volume and some taking gains observed from previous sellers. Hourly MACD narrower in bearish territory. Iron ore traded higher than 791.0 tomorrow generally mean a return to consolidation. First support 791.0. First resistance 810.0.
Daily Virtual Steel Mill Report 25/06/24
Verdict: • Short-run Neutral. Macro: • EU Comission will launch a technical conference with China regarding to the current plan on imposing EVs import duty. Iron Ore Key Indicators: • Platts62 $102.65, -2.45, MTD $106.72. Steel demand became slower as China entered rainy weather in southern areas and extreme high temperature in northern …
Iron Ore DCE Sep24 Daily Technical Review 24/06/24
Verdict- Neutral. DCE Sep24 broke down important support at 797.0 with significant increased positions, indicating the new sellers were aggressive. Hourly MACD widened in bearish territory. Hourly CCI rebounded and approached boundary of bear and neutral area. If iron ore recovered 797.0 – 800.0, the price trend potentially return to consolidation. First support 750.0. First …
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Daily Virtual Steel Mill Report 24/06/24
Verdict: • Short-run Neutral. Macro: • The Central Meteorological Observatory of China issued rainstorm warning that from 8:00 on June 24th to 8:00 on June 25th, there would be heavy to rainstorm in at least 8 provinces of China. • US existing home sales fell a third month by 0.7% to 4.11 million, as …
Iron Ore DCE Sep24 Daily Technical Review 21/06/24
Verdict- Neutral. DCE Sep24 corrected following the weak Asia stock market. Hourly MACD widened in bearish territory. Hourly CCI entered bearish territory. Hourly slow stochastic KD deepened correction. Iron ore potentially see support if hold up 797.0 level. First support 797.0. First resistance 840.0.
Daily Virtual Steel Mill Report 21/06/24
Verdict: • Short-run Neutral. Macro: • The Ministry of Housing and Urban Rural Development held a conference on acquisition of existing commercial houses for use as affordable houses. Many regions should promote cities at or above the county level to effectively and orderly carry out the purchase of existing commercial housing as affordable housing. …
Iron Ore DCE Sep24 Daily Technical Review 20/06/24
Verdict- Neutral. DCE Sep24 consolidated in narrow range as expected in previous days. Hourly MACD widened in bearish territory. Hourly CCI and KD were in neutral area. If iron maintain trading in 20 yuan/ton range, the price will be hard to see directional movement. A breakdown on 814.0 or a breakthrough on 840.0 potentially drive …
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Daily Virtual Steel Mill Report 20/06/24
Verdict: • Short-run Neutral. Macro: • During the Finance Forum in Lujiazui, Shanghai, PBOC’s Pan signals supportive monetary in China, however with limits. The chairman of Regulatory body CSRC mentioned strategic role of high quality development among listed companies, improving companies value and protecting investors rights. Iron Ore Key Indicators: • Platts62 $107.35, …
Iron Ore DCE Sep24 Daily Technical Review 19/06/24
Verdict- Neutral. DCE Sep24 tested low and picked up. Iron ore saw support above 818.0 level, which was 1.5 yuan higher than last low. Thus, standing on 816.5 in general mean a stablisation in short-run. Hourly MACD narrowed in bullish territory. First support 816.5. First resistance 840.0.