Verdict: • Short-run Neutral. Macro: • US September CPI up 3.7% on the year, est. 3.6%, last 3.7%. September CPI up 0.4% on the year, est. 0.3%, last 0.6%. The jobless claims in US last week reached 209,000, est. 210,000, last 207,000. • Opec monthly report increased global economy in 2023 to 2.8%, maintain …
Author archives: Hao Pei
Iron Ore DCE January24 Daily Technical Review 11/10/23
Verdict- Neutral to Bullish. DCE Jan24 contract built short-run bottom at 812.5 -814.0 area. Thus, price movement shift from bearish to neutral. A breakthrough on 831.0 would mean the sustainability on this round of rebound. Hourly MACD created gold cross and entered bullish territory. Hourly CCI entered neutral territory. First support 823.5. First resistance 858.0. …
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Daily Virtual Steel Mill Report 12/10/23
Verdict: • Short-run Neutral. Macro: • China sovereign wealth fund increased its stake for the four biggest national banks for the first time since 2015, fueling hopes of rescuing investment market. • Federal Reserve policymakers agreed last month that policy should remain restrictive for further months, noting the risks of overtightening. Iron Ore …
Iron Ore DCE January24 Daily Technical Review 28/09/23
Verdict- Neutral. DCE Jan24 contract rebounded slightly with a narrowed trading volume as the China golden weeks looming. Both resistance and support level moved up a bit to 858.0 and 835.0 respectively. Hourly MACD widened in bullish territory. The mid-run neutral outlook maintaining unchanged. First support 835.0. First resistance 858.0.
Daily Virtual Steel Mill Report 28/09/23
Verdict: • Short-run Neutral. Macro: • China NBS: The industrial profit above designated scale in August reversed negative to positive number, up 17.2% on the year. Jan-Aug total down 11.7% on the year. The drop during Jan-Aug was majorly dragged by the ferrous metallurgical industry, which decreased by 57.1% on the year. Iron …
Iron Ore DCE January24 Daily Technical Review 27/09/23
Verdict- Neutral. DCE Jan24 contract rebounded slightly during the day as the looming China holiday. The trading volume narrowed for two consecutive trading days. Hourly MACD created gold cross. Hourly slow stochastic KD created a gold cross in oversold area and rebounded fast. Hourly CCI entered bullish territory. The high was rejected by 851.0 -851.5 …
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Daily Virtual Steel Mill Report 27/09/23
Verdict: • Short-run Neutral. Macro: • The US New Home Sales Administration annualized 675,000 new houses sold, with an expected 700,000 houses, last 739,000 houses, the data had dropped to the lowest level since May. Iron Ore Key Indicators: • Platts62 $117.40, -1.40, MTD $121.06. The negative steel margin lowered the demand for …
Iron Ore DCE January24 Daily Technical Review 26/09/23
Verdict- Neutral to Bearish. DCE Jan24 contract corrected as expected, however the market technical was indicating an exhaustion. Hourly slow stochastic KD created a gold cross in oversold area. Hourly MACD narrowed in bearish territory. If price level holds up 835.0, iron ore potentially win some consolidation time instead of heading south immediately. First support …
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Iron Ore Hits 2-week Low On Weak Demand, Possible Steel Output Curbs
BEIJING, Sept 25 (Reuters) – Iron ore futures fell on Monday, as traders were worried about weaker-than-expected steel consumption in the peak construction season and possible steel output curbs during winter in top consumer China, and as pre-holiday restocking came to an end. The most-traded January iron ore on China’s Dalian Commodity Exchange (DCE) DCIOcv1 ended daytime trading 2.03% …
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Daily Virtual Steel Mill Report 26/09/23
Verdict: • Short-run Neutral to Bearish. Macro: • ECB president Christian Lagarde indicated that the pre-historic high deposit rate could resist inflation to 2%, interest hike is still an option in rest of 2023. • Evergrande Real Estate failed to settle principal and interest payments with the bond code”20 Hengda 04”, which should be …