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 …
Author archives: Hao Pei
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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Daily Virtual Steel Mill Report 18/07/24
Verdict: • Short-run Neutral. Macro: • Vale announced unchanged on its production target in 2024 from 310 – 320 million tons. The H1 2024 produced 151 million tons, accounted for 47.19-48.7% of total production target. However, the annual production expected to reach the higher boundary of estimation because of seasonal high delivery in H2. …
Iron Ore DCE Sep24 Daily Technical Review 17/07/24
Verdict- Neutral. Iron ore corrected massively during the trading day, while most of industrial commodities started to tank this afternoon. Hourly MACD widened in bearish area. Hourly CCI refreshed new low since April 23rd. Hourly slow stochastic KD corrected continuously. First support 791.0. First resistance 830.0.
Daily Virtual Steel Mill Report 17/07/24
Verdict: • Short-run Neutral. Macro: • IMF predicted 3.2% and 3.3% growth on global economy in 2024 and 2025 respectively. IMF increased China economy growth from 4.6% to 5%. IMF decreased US economy growth from 2.7% to 2.6%. • Physical gold up 1.92% yesterday, refreshed historical high at $2468.7/oz. Iron Ore Key Indicators: …
Iron Ore DCE Sep24 Daily Technical Review 16/07/24
Verdict- Neutral. Iron ore rebounded during the day as expected. We maintain iron ore neutral unless an effective breakthrough on the 810.0- 843.0 range box. Hourly CCI approached bearish territory. Hourly MACD flattened. Open interest loss by 5,000 lots indicating some investors left and remain watch and see mode. First support 810.0. First resistance 843.0.
Daily Virtual Steel Mill Report 16/07/24
Verdict: • Short-run Neutral. Macro: • China H1 GDP amount at 61.68 trillion yuan, GDP growth rate up 5% on the year. China H1 industrial value added amount above designated scale up 6% on the year. Iron Ore Key Indicators: • Platts62 $108.75, +0.75, MTD $109.75. • Rio Tinto Q2 iron ore production …
Iron Ore DCE Sep24 Daily Technical Review 15/07/24
Verdict- Neutral. Iron ore rebounded during the day as expected. In next session, iron ore potentially enter a range box from 810.0 – 850.0 unless an effective breakthrough on the boundary. Hourly slow stochastic KD created several higher gold crosses and approached overbought area. Hourly CCI corrected to neutral area. Hourly MACD widened in bullish …
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Daily Virtual Steel Mill Report 15/07/24
Verdict: • Short-run Neutral. Macro: • China customs: China toal import and export value of goods reached 21.17 trillion yuan, increased by 6.1% on the year and refreshed the highest single month record. • US June PPI annual rate increased by 2.6%, est. 2.3%, last 2.2%. PPI monthly rate in June increased by 0.2%, …
Iron Ore DCE Sep24 Daily Technical Review 12/07/24
Verdict- Neutral to Bullish. Iron ore traded in narrow range in the day, closed near last closing. Hourly MACD flattened in bullish territory. Hourly CCI tested high and returned to neutral area. Maintain iron ore neutral to bullish after a short-run consolidation. First support 810.0. First resistance 839.0.