Verdict- Neutral to Bearish. DCE Sep24 corrected as expected and broke the second support around 850.0. Hourly MACD widened in bearish territory. Hourly CCI was in bearish area. In short-run, iron ore potentially test low according to technical signals. First support 805.0. First resistance 850.0.
Author archives: Hao Pei
Daily Virtual Steel Mill Report 03/06/24
Verdict: • Short-run Neutral. Macro: • US PCE April price index up 0.2%, refreshed new low since December 2023, est. 0.3%, last 0.3%. • According to Euro Statistics, EU inflation in May reached 2.6%, 0.2% higher than April. Iron Ore Key Indicators: • Platts62 $115.25, +0.10, MTD $117.52. There were two SSF sold …
Iron Ore DCE Sep24 Daily Technical Review 30/05/24
Verdict- Neutral to Bearish. DCE Sep24 corrected significantly dragged down by sharp correction on copper and silver. Hourly MACD widened in bearish territory. Hourly slow stochastic KD deepened correction. Iron ore entered mid-run correction again after broke 880.0 level. First support 850.0. First resistance 880.0.
Daily Virtual Steel Mill Report 30/05/24
Verdict: • Short-run Neutral. Macro: • US Beige Book expected a mild growth recently on the consumer price. • IMF raised its forecast for China’s projected economic growth to 5% from 4.6% in 2025. • China State Council issued the Action Plan for Energy Conservation and Carbon Reduction from 2024 to 2025, which required …
Iron Ore DCE Sep24 Daily Technical Review 29/05/24
Verdict- Neutral. DCE Sep24 corrected following the neutral to bearish outlook from beginning of the week. However, iron ore potentially regained support above 880.0 level. There were five flat hourly candles created and followed with a rebound in last hour, a signal of exhaustion on the selling side. Hourly slow stochastic KD created gold cross …
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Daily Virtual Steel Mill Report 29/05/24
Verdict: • Short-run Neutral. Macro: • In May, consumer confidence in the US unexpectedly rebounded after three consecutive months of deterioration, with the Consumer Confidence Index rising from an upward revised 97.5 in April to 102.0 this month. Previously, a Reuters survey predicts that the index will drop from the previously reported 97.0 to …
Daily Virtual Steel Mill Report 24/05/24
Verdict: • Short-run Neutral. Macro: • US initial jobless claims was 215,000 last week, down 8,000 from previous week, created the biggest single week decrease of the year. • European Central Bank President Lagarde said that due to the trend of rapid consumer price growth, interest rates may become lowered in next month. The …
Iron Ore DCE Sep24 Daily Technical Review 23/05/24
Verdict- Neutral to Bearish. DCE Sep24 corrected following the sharp correction of gold and copper during the day. As we mentioned in the last report, the last growth was not sustainable. Hourly slow stochastic KD created dead cross in overbought area and deepened correction. Hourly CCI was approaching bearish territory. Hourly MACD created dead cross …
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Daily Virtual Steel Mill Report 23/05/24
Verdict: • Short-run Neutral. Macro: • On May 23rd, the China National Development and Reform Commission, the Central Bank, and other four departments mentioned promoting stable and moderate reductions in loan interest rates, optimizing tax and fee preferential policies, implementing structural tax reduction and fee reduction policies and strengthening scientific and technological innovation. Appropriately …
Iron Ore DCE Sep24 Daily Technical Review 22/05/24
Verdict- Neutral. DCE Sep24 rebounded during the trading day and approached area below several highs of the year. The contract saw listed high at 942.0 yuan, second high at 930.0 yuan and intraday high at 925.0. Hourly MACD expanded in bullish territory. Hourly CCI entered bullish territory. Be aware of market reversal risk before iron …
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