Verdict: • Short-run Neutral. Macro: • The New York Federal governor John Williams said: “We are not really talking about cutting interest rates right now.” He said of the issue of interest rate cuts: “I just think it is too early to think about it.” U.S. interest rate futures responded with a sudden drop …
Author archives: Hao Pei
Iron Ore DCE May24 Daily Technical Review 15/12/23
Verdict- Neutral to Bearish. DCE May24 contract created three consecutive corrections. Iron ore aggregated open interest has decreased by 14% from December 7th. From hourly chart, hourly MACD expanded in bearish territory. Hourly CCI reached bearish territory. Hourly slow stochastic KD corrected. Short-run signals were indicating a continuous testing low in next few sessions. First …
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Daily Virtual Steel Mill Report 15/12/23
Verdict: • Short-run Neutral. Macro: • Beijing and Shanghai are optimising real estate market policies. Beijing has decreased the down payment ratio to 30% for the first home puchase, and the 40% for the second home purchase. House loans cycle rise from 25 years to 30 years. The lower limit of the interest rate …
Iron Ore DCE May24 Daily Technical Review 12/12/23
Verdict- Neutral. DCE May24 contract rebounded significantly, however resisted below last high at 975.5. Thus, maintain the neutral outlook in short-run. Hourly CCI entered bullish territory. Hourly slow stochastic KD accelerated rebound after a gold cross. First support 941.5. First resistance 975.5.
Daily Virtual Steel Mill Report 12/12/23
Verdict: • Short-run Neutral. Macro: • The China Automobile Association said that in November, automobile production and sales completed 3.093 million units and 2.97 million units respectively, an increase of 7% and 4.1% month-on-month, and a year-on-year increase of 29.4% and 27.4% respectively. The Association expected that automobile production and sales would hit record …
Iron Ore DCE May24 Daily Technical Review 11/12/23
Verdict- Neutral. DCE May24 contract traded in narrower rangebound during the day as expected. Hourly slow stochastic KD deepened correction. Hourly MACD widened slightly in bearish territory. Iron ore traders entered a watch-and-see mode, while volume and open interest both dropped. First support 941.5. First resistance 975.5.
Daily Virtual Steel Mill Report 11/12/23
Verdict: • Short-run Neutral. Macro: • According to China NBS, China CPI in November down 0.5% on the year. PPI down 3% on the year. The decrease on both statistics are lower than expected. • The US non-farm payroll increased by 199,000 in November, with an estimated increase of 183,000, compared to a previous …
Iron Ore DCE May24 Daily Technical Review 08/12/23
Verdict- Neutral. DCE May24 contract retreated from periodic high at 975.5. The fast correction was related to taking gains. The next support band located from 941.5- 950.0 area. Hourly MACD narrowed above bullish territory. Hourly slow stochastic KD created dead cross in overbought area. Hourly CCI dropped from bullish territory to neutral area. First support …
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Daily Virtual Steel Mill Report 08/12/23
Verdict: • Short-run Neutral. Macro: • China imported 102.74 million tons of iron ore, up 3.36 million tons on the month, or 3.4%. The first 11 months in 2023 imported 1.078 trillion tons of iron ore, up 6.2% on the year. • China imported 43.506 million tons of coals, up 7.514 million tons on …
Iron Ore DCE May24 Daily Technical Review 07/12/23
Verdict- Neutral to Bullish. DCE May24 contract rebounded as expected from last technical report. Hourly MACD widened in bullish territory. Hourly slow stochastic KD entered overbought area. Iron ore is approaching listed high. Be aware of the taking gains activities around listed high at 958.0. First support 927.5. First resistance 958.0.