Verdict: • Short-run Neutral. Macro: • Vale’s Q1 iron ore production was 70.837 million tons, a decrease of 20.8% month on month and a year-on-year increase of 6.1%. In the first quarter, the sales of iron ore were 63.83 million tons, a decrease of 29.3% compared to the previous quarter and a year-on-year increase …
Author archives: Hao Pei
Iron Ore DCE Sep24 Daily Technical Review 16/04/24
Verdict- Neutral. DCE Sep24 corrected during the trading day, after when we mentioned be aware of market change yesterday. Hourly MACD widened in bearish territory. Hourly CCI entered bearish territory. As said in the last article, iron ore growth shouldn’t be sustainable because the past rebound witnessed 20% of OI loss from April 1st, which …
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Daily Virtual Steel Mill Report 16/04/24
Verdict: • Short-run Neutral. Macro: • China March CPI fell 1.0% on the month, up 0.1% on the year. • After the sanction imposed from UK and US on Russia aluminum, Russian Aluminium giant Rusal said that new sanctions would have no impact on its supply to world market. Iron Ore Key Indicators: …
Iron Ore DCE Sep24 Daily Technical Review 15/04/24
Verdict- Neutral. DCE Sep24 contract rebounded by 2.18% from last settlement, however only increased by 2 yuan/ton from last closing. Hourly slow stochastic KD reached overbought area. Hourly CCI maintained in bullish territory. However be aware of the sensitivity loss on technical charts. In fact, DCE iron ore loss 7.5% on OI since the first …
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Daily Virtual Steel Mill Report 15/04/24
Verdict: • Short-run Neutral to Bullish. Macro: • UK and US imposed sanctions on Russia metals including copper, aluminum and nickel. LME announced a suspension of warehouse warrant for Russian metals produced after April 13th. • From April 1st, China Shanxi province raised mineral resource tax from 8% to 10%, processing tax from 1.5% …
Iron Ore DCE Sep24 Daily Technical Review 10/04/24
Verdict- Neutral. DCE Sep24 contract slight corrected from last closing. The price movement saw some exhaustion with evaporation of open interest and volume. Hourly MACD narrowed in bullish territory. Hourly slow stochastic KD created dead cross in overbought area. Hourly CCI corrected from bullish area to neutral area. In short-run, iron ore is waiting for …
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Daily Virtual Steel Mill Report 10/04/24
Verdict: • Short-run Neutral to Bullish. Macro: • The US Energy Information Agency (EIA) has lowered its global oil demand growth forecast for 2024 by 480,000 barrels per day to 950,000 barrels per day. The institution has also lowered its forecast for oil demand growth in 2025 by 30,000 barrels per day to 1.35 …
Iron Ore DCE Sep24 Daily Technical Review 09/04/24
Verdict- Neutral to Bullish. DCE Sep24 contract rebounded as expected from the last report. A breakthrough on 819.0 potentially accelerates the growth. The intra-day high reached 817.5, which was only 1.5 yuan from the R1. Hourly MACD widened in bullish territory. Hourly slow stochastic KD reached bullish territory. First support 800.0. First resistance 819.0.
Daily Virtual Steel Mill Report 09/04/24
Verdict: • Short-run Neutral to Bullish. Macro: • Recently, many regions in China have introduced policies to optimize housing provident fund. The loan amount for purchasing green construction or low-energy related building increased by 400,000 yuan to 1.6 million yuan. Guangzhou increases the maximum amount of provident fund loans. Iron Ore Key Indicators: …
Iron Ore DCE Sep24 Daily Technical Review 08/04/24
Verdict- Neutral to Bullish. DCE Sep24 contract rebounded massively during the day and breakthrough important resistance at 780.0 and 800.0. In short-run maintain the rebound view. Hourly MACD widened in bullish territory. Hourly CCI rebounded to bullish territory. The huge spike was contributed by fast taking gains to cover short positions. First support 742.0. First …
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