Verdict: • Short-run Neutral. Macro: • US Federal Reserve policymakers were in positions to proceed carefully on future interest rates move and base any further tightening on progress. • China Ecological and Environmental protection supervision in the third round has been fully launched, several teams were established to conduct one -month pollution supervision work …
Author archives: Hao Pei
Iron Ore DCE January24 Daily Technical Review 20/11/23
Verdict- Neutral. DCE Jan24 contract rebounded, however currently maintained in the wide range box from 945.0 – 976.0 area. A breakthrough or breakdown on the range box would mean directional change in mid-run. In short-run, hourly MACD created gold cross. Hourly slow stochastic KD created gold cross and improved in neutral area. First support 945.0. …
Continue reading “Iron Ore DCE January24 Daily Technical Review 20/11/23”
Daily Virtual Steel Mill Report 20/11/23
Verdict: • Short-run Neutral. Macro: • Some of the key decision maker of ECB indicated to avoid premature interest rate cut, because of the high inflation and rather mild impact on economy. • From November 19th to 23rd, there will be a regional heavy pollution weather process in Hebei, China. Environmental departments in Tangshan …
Iron Ore DCE January24 Daily Technical Review 17/11/23
Verdict- Neutral to Bearish. DCE Jan24 contract corrected, thus the periodic high was confirmed at 995.0 for mid-run. Hourly MACD widened in bearish territory. Hourly slow stochastic KD was descending to lower level during the past five trading days. The next resistance would be the last reversal level at 947.0. First support 947.0. First resistance …
Continue reading “Iron Ore DCE January24 Daily Technical Review 17/11/23”
Daily Virtual Steel Mill Report 17/11/23
Verdict: • Short-run Neutral to Bearish. Macro: • US jobless claims last week at 231,000, refreshed the highest since August 19th, est. 220,000, last 218,000. Iron Ore Key Indicators: • Platts62 $132.40, +0.40, MTD $128.38. Iron ore saw some BHP cargoes trade and low grade trade yesterday. MACF was traded at $130.9/mt. NHGF …
Iron Ore DCE January24 Daily Technical Review 16/11/23
Verdict- Neutral. DCE Jan24 contract recovered most of losses during trading day. Hourly KD created gold cross above oversold area. Hourly MACD widened in bearish territory. Short-run neutral from technical signals. First support 947.0. First resistance 995.0.
Daily Virtual Steel Mill Report 16/11/23
Verdict: • Short-run Neutral to Bearish. Macro: • US PPI up 1.3% in October, lower than estimated 1.9%, last 2.2%. • China NDRC pricing department started co-working with DCE to research on the monitoring irregular movement of iron ore. Iron ore margin in exchange level raised from 13% to 15% in DCE effective after …
Iron Ore DCE January24 Daily Technical Review 15/11/23
Verdict- Neutral. DCE Jan24 contract created listed high and corrected 3 hours after that, gave back most of gains. Hourly CCI dropped from 389.0, a year-high to 0 level. Hourly MACD created dead cross. Iron ore potentially entered consolidation range after the fast up and downs in past few hours. First support 954.5. First resistance …
Continue reading “Iron Ore DCE January24 Daily Technical Review 15/11/23”
Daily Virtual Steel Mill Report 15/11/23
Verdict: • Short-run Neutral. Macro: • US October inflation up 3.2% on the year, created the lowest over the last seven months, lower than estimated 3.3%, last 3.7%. Core CPI 4%, created the lowest since September 2021. Traders were bet the inflation cycle should be over, US equities S&P500 grew 1.91% while debt yield …
Iron Ore DCE January24 Daily Technical Review 14/11/23
Verdict- Neutral. DCE Jan24 contract maintained lower volatility in narrowed range. Hourly MACD moved slower in bearish territory. Hourly CCI weakened in neutral area. Iron ore needs to break 954.5 – 973.5 to see a directional change. First support 954.5. First resistance 973.5.