Verdict: • Short-run Neutral. Macro: • The employment growth in the US in March far exceeded expectations, and wages steadily increased, indicating a stable economic performance at the end of the first quarter, which may cause the Federal Reserve to delay the expected interest rate cut. The highly anticipated employment report on Friday also …
Author archives: Hao Pei
Iron Ore DCE Sep24 Daily Technical Review 03/04/24
Verdict- Neutral. DCE Sep24 contract corrected significantly, indicating a taking gains sentiment before China Qingming holiday. Hourly MACD created dead cross. Hourly slow stochastic KD created dead cross in overbought area. Hourly CCI entered bearish territory. A support near 728.0 would potentially bring market back to rebound. The intra-day high was resisted around 780.0. Thus, …
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Daily Virtual Steel Mill Report 03/04/24
Verdict: • Short-run Neutral. Macro: • US Federal Governor Loretta Mester indicated that it is less likely to see interest cut in or before May, however possible in June. Mester expected three interest cut in 2024. Iron Ore Key Indicators: • Platts62 $102.25, -0.25, MTD $102.38. The market saw active trade before China …
Iron Ore DCE Sep24 Daily Technical Review 02/04/24
Verdict- Neutral to Bullish. DCE Sep24 contract consolidated during the trading day, maintain a slight bullish outlook in short-run. Hourly stochastic KD entered overbought area. Hourly MACD widened in bullish territory. The intraday high reached 775.5. The next breakthrough on 780.0 potentially lead to an acceleration of rebound. First support 728.0. First resistance 780.0. …
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Iron Ore DCE May24 Daily Technical Review 26/03/24
Verdict- Neutral to Bearish. DCE May24 contract broke previous support at 827.5 and accelerated correction. From hourly chart, MACD widened in bearish territory. Hourly slow stochastic KD deepened correction after three lower dead cross from Mar 22nd to Mar 26th. Hourly CCI was in bearish territory. Short-run signals indicated a lower area in the next …
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Daily Virtual Steel Mill Report 26/03/24
Verdict: • Short-run Neutral. Macro: • The World Steel Association statistic indicated that total crude steel production at 148.8 million tons, up 3.7% on the year. Iron Ore Key Indicators: • Platts62 $108.80, -0.30, MTD $110.73. The MACF was traded at fixed price at $107.3 yesterday. All rest of concentrates were facing oversupply …
Iron Ore DCE May24 Daily Technical Review 22/03/24
Verdict- Neutral. DCE May24 contract during last night however recovered most of loss during day session. Iron maintain neutral verdict. Hourly MACD narrowed in bullish territory. Hourly slow stochastic KD created lower dead crosses during past ten trading hours. Hourly CCI was in neutral area. Be aware of an exhaustion in high area. However there …
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Daily Virtual Steel Mill Report 22/03/24
Verdict: • Short-run Neutral. Macro: • US jobless claims last week at 210,000, estimated 213,000, last 209,000. Iron Ore Key Indicators: • Platts62 $110.65, +4.15, MTD $110.96. The procurement of iron ore was majorly based on real-demand. The market participants agreed a slow demand for iron ore compared to past five years during …
Iron Ore DCE May24 Daily Technical Review 20/03/24
Verdict- Neutral. DCE May24 contract retreated from a slight high open by closing time. Hourly MACD corrected after a volume boost. Hourly CCI retreated to neutral area from bullish territory. The current area from 818.5 – 837.0 became a rangebox. A breakthrough on the boundary of the box would indicate a new trend in short-run. …
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Daily Virtual Steel Mill Report 20/03/24
Verdict: • Short-run Neutral to Bullish. Macro: • Bank of Japan announced an interest rise by 10bps to 0% – 0.1%. The eight-year length negative interest rate officially terminated. Iron Ore Key Indicators: • Platts62 $107.90, +2.65, MTD $111.33. The fast recovery on derivatives market as well as the return of China demand …