Verdict: • Short-run Neutral. Macro: • EIA reported that as of the week of July 19th, US crude oil inventories decreased by 3.7 million barrels to 436.5 million barrels. Previously, Reuters survey analysts estimated a decrease of 1.6 million barrels. • China Ministry of Finance statistic indicated that H1 2024 state-owned companies total revenues …
Author archives: Hao Pei
Iron Ore DCE Sep24 Daily Technical Review 24/07/24
Verdict- Neutral. Iron ore tested low and closed 1 yuan/ton above last closing. Hourly MACD narrowed in bearish territory. Hourly CCI entered neutral area from bearish area. Hourly slow stochastic KD created gold cross in oversold area. Technical signals were indicating a consolidation. First support 750.0. First resistance 791.0.
Daily Virtual Steel Mill Report 24/07/24
Verdict: • Short-run Neutral. Macro: • According to NAR, US home sales at 3.89 million units in June, down 5.4% on the month, refreshed lowest since December, 2023. • Russia reimposes gasoline export ban for August, potentially extend this ban for further months if necessary. Iron Ore Key Indicators: • Platts62 $100.40, -2.80, …
Iron Ore DCE Sep24 Daily Technical Review 23/07/24
Verdict- Neutral to Bearish. Iron ore corrected significantly and refreshed new low since April 8th. Hourly MACD widened in bearish territory. Hourly CCI was in bearish area. The past support 791.0 became new resistance. Iron ore potentially test low in the next session. First support 750.0. First resistance 791.0.
Daily Virtual Steel Mill Report 23/07/24
Verdict: • Short-run Neutral. Macro: • Anglo American agreed to sell iron ore, copper and gold royalties to Taurus Funds Management for up to $195 million in cash. Iron Ore Key Indicators: • Platts62 $103.20, -1.15, MTD $108.27. The seaborne trade was extremely quiet in July as physical traders became cautious during a …
Iron Ore DCE Sep24 Daily Technical Review 22/07/24
Verdict- Neutral. Iron ore closed corrected slightly from last Friday. Hourly MACD narrowed in bullish territory, however in general flat. Hourly CCI approached the boundary between neutral and bearish area. Iron ore strong support at 791.0 – 793.5 area. The major resistance area was 808 – 809.5 area. Iron ore potentially maintain neutral unless breakthrough …
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Daily Virtual Steel Mill Report 22/07/24
Verdict: • Short-run Neutral. Macro: • China 1-Year LPR down 10 bps to 3.35%, 5-year LPR down 10 bps at 3.85%. • WTI crude oil futures settled at $82.63/barrel, refreshed the lowest since mid-June. Iron Ore Key Indicators: • Platts62 $104.35, -0.95, MTD $108.61. China 45 ports iron ore inventories at 151.31 million …
Iron Ore DCE Sep24 Daily Technical Review 19/07/24
Verdict- Neutral. Iron ore tested low and recovered most of losses. Iron ore created double bottoms areas from 791.0 -792.0 during June 25th and July 19 th. Hourly slow stochastic KD approached bearish area. Hourly MACD narrowed in bearish territory. Maintain neutral sentiment in short-run. First support 791.0. First resistance 814.5.
Daily Virtual Steel Mill Report 19/07/24
Verdict: • Short-run Neutral. Macro: • US jobless claims during past week reached 243,000, est. 230,000, last 223,000. Iron Ore Key Indicators: • Platts62 $105.30, +0.35, MTD $108.91. China 45 ports iron ore inventories at 151.31 million tons, up 1.42 million tons on the week, up 25.90 million tons on the year. Daily …
Iron Ore DCE Sep24 Daily Technical Review 18/07/24
Verdict- Neutral to Bullish. Iron ore was traded in narrow range as expected. The low of day reached 798.0, which was higher than first support at 791.0. Hourly MACD narrowed in bearish territory. Hourly slow stochastic KD created gold cross in oversold area. CCI reversed from three month low to neutral area. Iron ore potentially …
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