Verdict: • Short-run Neutral. Macro: • China M2 supply up 10.3% in October, the growth rate was flat to last month, however 1.5% lower than last October. Social finance amount reached 1.85 trillion yuan, up 910.8 billion yuan on the year, or 9.3%. • The economists from Goldman Sachs expected that the US federal …
Author archives: Hao Pei
Iron Ore DCE January24 Daily Technical Review 13/11/23
Verdict- Neutral. DCE Jan24 contract tested two-year-high during the day. The 970.0- 973.5 created intra-day resistance. Hourly MACD narrowed above 0 axis. Hourly CCI corrected from overbought area to neutral area. In short-run, the technical signals are indicating an exhaustion. First support 954.5. First resistance 973.5.
Daily Virtual Steel Mill Report 13/11/23
Verdict: • Short-run Neutral. Macro: • ECB banker Christian Lagarde said that the disappear on base effect will naturally control inflation from increasing in mid-run. Thus, the further interest hike potentially become avoidable. • China Ministry of Housing and Urban Rural Development stated that the new housing strategies in China had taken effect. From …
Daily Virtual Steel Mill Report 10/11/23
Verdict: • Short-run Neutral. Macro: • Last week, the number of initial claims for unemployment benefits in the United States was 217,000, with an estimated 219,000, compared to 217,000. • According to data released by the China National Bureau of Statistics, in October, the national CPI decreased by 0.2% year-on-year and 0.1% month on month. …
Daily Virtual Steel Mill Report 08/11/23
Verdict: • Short-run Neutral. Macro: • China Ministry of Commerce announced revisions to a list of bulk commodities requiring to keep statistical records, which include rare earth and iron ore. However market participants expect no direct impact on the process of imports or quota change. • Australia Central Bank hiked interest rates by 25bps …
Iron Ore DCE January24 Daily Technical Review 08/11/23
Verdict- Neutral. DCE Jan24 contract consolidated during the day, however the high of day was rejected by the previous periodic high area from 937.0- 938.0. Hourly MACD narrowed in bearish territory. Hourly slow stochastic KD created gold cross. Hourly CCI recovered from bearish territory to neutral area. First support 913.5. First resistance 938.0.
Iron Ore DCE January24 Daily Technical Review 07/11/23
Verdict- Neutral to Bearish. DCE Jan24 contract traded in a narrow range during the day. The intraday high reached 932.5, which was below 936.0 -938.0 area as a strong resistance mentioned from last report. Hourly MACD widened in bearish territory. Hourly slow stochastic KD accelerated the correction in neutral area. Hourly CCI fell from neutral …
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Daily Virtual Steel Mill Report 07/11/23
Verdict: • Short-run Neutral. Macro: • BOE chief economist Huw Pill said UK inflation will soon fall in line with the lower rates as the rest of the world, with less spending on energy sector. • According to data from the China Federation of Logistics and Purchasing, the global PMI index in October was …
Iron Ore DCE January24 Daily Technical Review 06/11/23
Verdict- Neutral. DCE Jan24 contract consolidated during the day without seeing a direction as expected from previous report. The high of the period witnessed 936.0 -938.0 area, which became a strong resistance. Hourly MACD widened in bearish territory. Hourly slow stochastic KD accelerated the correction in neutral area. Hourly CCI fell from bullish territory to …
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Daily Virtual Steel Mill Report 06/11/23
Verdict: • Short-run Neutral. Macro: • US October non-agricultural payrolls increased by 150,000, which was lower than expected 180,000. The jobless rate raised to 3.9%, created the highest since January 2022. • Saudi Arab Energy Ministration announced a production cut by 1 million barrals/day, extended to December 2023. The curb was effective from July …