Verdict: • Short-run Neutral. Macro: • India steel maker Vedanta Sesa Goa subsidiary Wester Cluster Ltd announced to invest $2 billion dollars in Lybia to support its iron ore production. Iron Ore Key Indicators: • There was no Platts index due to Singapore holiday. Thus, the trade was quiet on ports and seaborne. …
Author archives: Hao Pei
Iron Ore DCE Sep24 Daily Technical Review 18/06/24
Verdict- Neutral. DCE Sep24 rebounded during trading day however gave back some gains before closing. Hourly slow stochastic KD created dead cross. Hourly CCI dropped from bullish territory to neutral area. Hourly MACD narrowed in bullish territory. If iron ore stand on 797.0, then market potentially see reversal. First support 797.0. First resistance 836.5.
Daily Virtual Steel Mill Report 18/06/24
Verdict: • Short-run Neutral. Macro: • India steel maker Vedanta Sesa Goa subsidiary Wester Cluster Ltd announced to invest $2 billion dollars in Lybia to support its iron ore production. Iron Ore Key Indicators: • There was no Platts index due to Singapore holiday. Thus, the trade was quiet on ports and seaborne. …
Iron Ore DCE Sep24 Daily Technical Review 17/06/24
Verdict- Neutral. DCE Sep24 corrected significantly during the trading day. Hourly MACD created dead cross. Hourly CCI approached oversold area after a dead cross. CCI reached the boundary of bearish territory. The technical chart indicated iron ore potentially build a second low after June 13th. Standing on last low at 797.0 would mean iron ore …
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Daily Virtual Steel Mill Report 17/06/24
Verdict: • Short-run Neutral. Macro: • China M2 for May up 7.0% on the year, M1 down 4.2% on the year. M2- M1 spread widened to 11.2%, refreshed the highest since January 2022. • China May Industrial Value Added Amount above designated scale up 5.6%, last 6.7%.China May House developing investment down 10.1%, last …
Iron Ore DCE Sep24 Daily Technical Review 14/06/24
Verdict- Neutral to Bullish. DCE Sep24 rebounded as we expected, with expanding volume and decreasing open interest. The intra-day closing broke through 824.5, considered as a return to bullish in short-run. MACD widened in bullish territory. Hourly CCI approached bullish territory. The market potentially test high in next session. First support 818.0. First resistance 838.5. …
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Daily Virtual Steel Mill Report 14/06/24
Verdict: • Short-run Neutral. Macro: • The jobless files for US last week at 242,000, est. 225,000, last 229,000. US May PPI up 2.2%, est. up 2.5%, last up 2.2%. • EIA estimated a surplus of 8 million barrels of crude oil supply in 2030. Iron Ore Key Indicators: • Platts62 $106.60, +1.45, …
Iron Ore DCE Sep24 Daily Technical Review 13/06/24
Verdict- Neutral to Bullish. DCE Sep24 rebounded today, however saw pressure under R1 at 824.5. Hourly MACD widened above bullish territory. Hourly slow stochastic KD rebounded fast. A breakthrough on 824.5 potentially reverse iron ore market to bull again. Iron ore in short-run potentially test high in next session. First support 780.0. First resistance 824.5. …
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Daily Virtual Steel Mill Report 13/06/24
Verdict: • Short-run Neutral to Bullish. Macro: • US Federal maintained unchanged for interest rate at 5.25-5.5%, fell into market expectations. However the recent matrix indicated that the probability of interest cut dropped from 3 times to 1 time in 2024. • On June 12th, the European Commission issued a statement proposing to impose …
Iron Ore DCE Sep24 Daily Technical Review 12/06/24
Verdict- Neutral. DCE Sep24 saw exhaustion and stablised during the day. Hourly MACD potentially create gold cross in the next session. Hourly CCI entered neutral area from bearish territory. Iron ore potentially ended correction and entered consolidation period. The next important resistance is 824.5. First support 780.0. First resistance 824.5.