Verdict: • Short-run Neutral to Bearish. Macro: • The minutes of the Federal Reserve meeting showed the interest rate hike cycle that began in 2022 potentially have ended, and the federal funds rate should peaked. Interest cuts are expected to come before the end of 2024. Iron Ore Key Indicators: • Platts62 $143.95, …
Author archives: Hao Pei
Iron Ore DCE May24 Daily Technical Review 03/01/24
Verdict- Be Aware of Market Reversal. DCE May24 contract created new high, with expanding volume. Hourly CCI entered neutral area. Hourly slow stochastic KD created dead cross in overbought area. Hourly MACD narrowed in bullish area. First support 950.0. First resistance 1050.0.
Daily Virtual Steel Mill Report 03/01/24
Verdict: • Short-run Neutral. Macro: • China real estate developers rise after China injected $50 billion worth of low-cost funds into banks last month. Shanghai also announced lower down payment ratio for houses on Tuesday. Iron Ore Key Indicators: • Platts62 $143.20, +2.70, MTD $143.20. The liquidity injection news from China supported the …
Iron Ore DCE May24 Daily Technical Review 02/01/24
Verdict- Be Aware of Market Reversal. DCE May24 contract created new high over active contracts since August 2021. Iron ore saw increasing positions significantly during the trading day. Houry MACD widened in bullish area. Hourly slow stochastic KD approached overbought area. Hourly CCI was stable at bullish area. Above 1000.0 level was absolute high for …
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Daily Virtual Steel Mill Report 02/01/24
Verdict: • Short-run Neutral. Macro: • China December Manufacturing PMI 49.0, est. 49.5, last 49.4. Non-Manufacturing PMI 50.4, est. 50.5, last 50.2. Iron Ore Key Indicators: • Platts62 $140.50, +1.60, MTD $136.37. Steel mills maintained low inventory levels during past week due to low steel margin. FMG widened the discounts for term contracts …
Daily Virtual Steel Mill Report 22/12/23
Verdict: • Short-run Neutral. Macro: • US Q3 GDP annual rate at 4.9%, less than expected 5.2%. Q3 PCE consumer price index up 2% on the year, lower than expected 2.3%. • China tax council announced a new list of tax exemption and preference lists covering as many as 8957 items of commodities, including …
Iron Ore DCE May24 Daily Technical Review 21/12/23
Verdict- Neutral to Bullish. DCE May24 contract broke important resistance at 958.0, and accelerated rebound as expected. The next level was 975.5, listed high of May24 in DCE. Hourly CCI went high in bullish territory. Hourly slow stochastic KD entered overbought area. Hourly MACD widened in bullish territory. First support 933.5. First resistance 975.0.
Daily Virtual Steel Mill Report 21/12/23
Verdict: • Short-run Neutral. Macro: • EIA statistics indicated that US crude oil production reached 13.3 million barrels/day, refreshed historical high. • UK CPI in November down 0.2% on the month, created the first negative number since July. Iron Ore Key Indicators: • Platts62 $134.95, +1.15, MTD $134.80. Seaborne market regained popularity after …
Iron Ore DCE May24 Daily Technical Review 20/12/23
Verdict- Neutral. DCE May24 contract broke last resistance and retreated before closing. The next resistance would be 958.0, where there was many open interests built and some reversals from hourly level. Hourly MACD widened in bullish territory. Hourly CCI reached new high since November 14th. Hourly slow stochastic KD approached the boundary of overbought …
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Daily Virtual Steel Mill Report 20/12/23
Verdict: • Short-run Neutral. Macro: • The Eurozone November CPI reached – 0.6% on the month, refreshed the biggest monthly drop since January 2020. • The situation in the Red Sea lift concerns from traders, WTI continued its upward trend and once rose by more than 2%. The world’s biggest shipping companies said container …