Verdict- Neutral to Bullish. DCE Jan24 contract rebounded as expected. Hourly MACD narrowed in bullish territory. Hourly slow stochastic KD flattened in bullish territory. Hourly CCI entered bullish area. The market indicated an exhaustion before closing. However price level maintain strong in mid-run. First support 900.0. First resistance 950.0.
Author archives: Hao Pei
Daily Virtual Steel Mill Report 02/11/23
Verdict: • Short-run Neutral. Macro: • The US Federal Reserve president Jereme Powell and policymakers decided to stop interest hike in November, because the tightened financial conditions. • The air quality became poor in northern and mid China in first half of November predicted by Ministry of Ecology and Environment. Iron Ore Key …
Reprint: Iron ore rallies on positive signals from China financial meeting
BEIJING (Reuters) -Iron ore strengthened on Wednesday, as positive signals from top consumer China’s latest financial meeting and sound fundamentals boosted market sentiment. The most-traded January iron ore on China’s Dalian Commodity Exchange (DCE) ended daytime trading 2.51% higher at 919.5 yuan ($125.63) a metric ton, the highest since March 17. The benchmark …
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Iron Ore DCE January24 Daily Technical Review 01/11/23
Verdict- Neutral to Bullish. DCE Jan24 contract rebounded as expected. Hourly MACD widened in bullish territory, however with thinner band width, indicating weaker power on buying motives. Hourly slow stochastic KD entered overbought area. CCI potentially breakdown bullish territory. Short-run technical signals were indicating a slow on the upward trend. First support 900.0. First resistance …
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Daily Virtual Steel Mill Report 01/11/23
Verdict: • Short-run Neutral. Macro: • China held Financial Work Conference, emphasizing to build long-term mechanism to prevent and resolve risks from local debts. In addition it also mentioned providing more fudnes in innovation, high-tech manufacturing, green technology and mid/small cap companies. • China Manufacturing PMI fell under boom and bust line at 49.5. …
Iron Ore DCE January24 Daily Technical Review 31/10/23
Verdict- Neutral to Bullish. DCE Jan24 contract rebounded as expected. However, the upward trend is slowing down. Iron ore saw intra-day resistance from 902.5- 904.0. Hourly MACD created dead cross. Hourly CCI entered bullish territory from neutral area. Short-run technical signals were indicating an exhaustion in current level. First support 881.5. First resistance 920.
Daily Virtual Steel Mill Report 31/10/23
Verdict: • Short-run Neutral. Macro: • Canada central bank indicated the resilience of inflation would enable the monetary department to hike interest rate in Q4. ECB indicated that the bank will see current rate enough in December. • China Manufacturing PMI fell under boom and bust line at 59.5. Iron Ore Key Indicators: …
Iron Ore DCE January24 Daily Technical Review 30/10/23
Verdict- Neutral to Bullish. DCE Jan24 contract rebounded as expected. The 901.0 became an intra-day resistance as iron ore was rejected by this level four times in hourly chart. Hourly MACD widened during the night session in Friday and maintained at high level in Monday. Hourly slow stochastic KD entered overbought area. Iron ore potentially …
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Daily Virtual Steel Mill Report 30/10/23
Verdict: • Short-run Neutral. Macro: • US September PCE index up 3.7% on the year, created the lowest since May 2021, est. 3.7%, last 3.9%. PCE up 0.3% m-o-m, est. 0.3%, last 0.1%. Iron Ore Key Indicators: • Platts62 $121.80, +2.80, MTD $118.50. PBF saw active demand in market after a significant decrease …
Iron Ore DCE January24 Daily Technical Review 27/10/23
Verdict- Neutral to Bullish. DCE Jan24 contract broke important resistance at 881.5 and entered the second acceleration period. Hourly MACD widened above 0 axis. Hourly CCI entered bullish area. Iron ore potentially maintain bullish above 881.5 area. First support 881.5. First resistance 900.