Verdict: • Short-run Neutral. Macro: • The ECB regulator stated that the probability of 25bps or less interest cut in 2024 should be very low. It is currently difficult to predict the time of interest cut. The interest rate spread between the European Central Bank and the Federal Reserve may widen in future. …
Author archives: Hao Pei
Iron Ore DCE Sep24 Daily Technical Review 19/04/24
Verdict- Neutral, be aware of market reversal. DCE Sep24 corrected slightly, however higher than major support. Hourly MACD widened in bearish territory. Hourly CCI entered bearish area. Hourly candles created a descending tunnel. Be aware of market reversal. First support 847.0. First resistance 906.5.
Daily Virtual Steel Mill Report 19/04/24
Verdict: • Short-run Neutral. Macro: • US White House announced plans to implement new restrictions on Chinese steel and aluminum products, including raising the 301 tariff on Chinese steel and aluminum products to three times the current level. • US jobless claims last week reached 212,000, est. 215,000, last 211,000. Iron Ore Key …
Iron Ore DCE Sep24 Daily Technical Review 18/04/24
Verdict- Neutral. DCE Sep24 tested high and potentially create periodic roof. Hourly MACD narrowed in bullish territory. Hourly slow stochastic KD created dead cross in overbought area. CCI dropped from bullish territory to neutral area. Short-run technical signals were indicating an exhaustion. First support 847.0. First resistance 906.5.
Daily Virtual Steel Mill Report 18/04/24
Verdict: • Short-run Neutral. Macro: • ECB governor Joachim Nagel believed that there was increasing probability for a rate cut in June. However the decision needed to confirm the inflation rate is really going down by then. Iron Ore Key Indicators: • Platts62 $116.60, +6.20, MTD $106.13. The resumption of production in China …
Iron Ore DCE Sep24 Daily Technical Review 17/04/24
Verdict- Neutral to Bullish. DCE Sep24 reversed the correction and created periodic high. Hourly MACD created gold cross. Hourly CCI entered bullish territory. Hourly slow stochastic KD was approaching overbought area. Iron ore was in acceleration phase. However be aware of the taking gains by looking at open interest movement. First support 847.0. First resistance …
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Daily Virtual Steel Mill Report 17/04/24
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 …
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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