Market Verdict on Iron Ore： • Neutral. Macro： • Bloomberg: China mulls mortgage easing to spur home purchases in Tier I cities including Beijing and Shanghai. Iron Ore Key Indicators: • Platts62 $114.00, -1.85, MTD $111.53. The seaborne iron ore suddenly muted yesterday after a big day before, indicating that the market yet …
Author archives: Hao Pei
Iron Ore DCE September23 Daily Technical Review 19/07/23
Verdict- Neutral. DCE Sep23 contract gave back all gains on last trading day, as expected the iron ore traded in rangebound however returned to the level at last Thursday. Hourly CCI left bearish territory and entered neutral area. Hourly MACD widened in bearish territory. A breakdown on 830.5(neckline level) would confirm entrance of mid-run correction. …
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Daily Virtual Steel Mill Report 19/07/23
Market Verdict on Iron Ore： • Neutral. Macro： • JPM said that the China housing turmoil raised chance for lower down payment ratios. Previously, the huge debt default risk in Evergrande failed analysts expectations. Iron Ore Key Indicators: • Platts62 $115.85, +0.80, MTD $111.33. The seaborne trade refreshed the most active day of …
Iron Ore DCE September23 Daily Technical Review 10/07/23
Verdict- Bearish. DCE Sep23 contract extended the weak sentiment last Friday. Iron ore broke mid-run level support, or the neckline around 814.0-816.0. The last rebound reached 816.0, however iron ore accelerated correction after lost the neckline area. Hourly slow stochastic KD entered bearish territory after creating several dead crosses. Hourly MACD widened in bearish territory. …
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Daily Virtual Steel Mill Report 10/07/23
Market Verdict on Iron Ore： • Neutral to Bearish. Macro： • China June CPI unchanged on the year, down 0.2% from May. China June PPI down 5.4% on the year, down 0.8% from May. • Initial jobless claim in U.S. for the week ended July 1st increased by 12,000 to 248,000, est. 245,000, indicating …
Daily Virtual Steel Mill Report 07/07/23
Market Verdict on Iron Ore： • Neutral. Macro： • The number of ADP employment in the US increased by 497,000 in June, the highest level since February last year, much higher than the expected 225,000 and far ahead of the expected 278,000. The yield of US two-year treasury bond bonds rose to 5.084%, the …
Iron Ore DCE September23 Daily Technical Review 06/07/23
Verdict- Neutral. DCE Sep23 contract rebounded 1.5 yuan higher than last closing. The DCE market was in a neutral sentiment. Hourly MACD was in bullish territory, however close to the midline. Hourly CCI fell from bullish territory. Short-run technical was indicating that the market was waiting for direction. First support 822.0. First resistance 841.0.
Daily Virtual Steel Mill Report 06/07/23
Market Verdict on Iron Ore： • Neutral. Macro： • U.S. Federal Reserve indicated divisions over interest rate decision in June meeting, however all committing to hike again later this month to fight against inflation. • Eurozone PPI down 1.9% on the month est. down 1.8%, last down 3.2%. PPI down 1.% on the year, …
Daily Virtual Steel Mill Report 05/07/23
Market Verdict on Iron Ore： • Neutral to Bearish. Macro： • The Manufacturing PMI in June reached 53.9, down 3.2 from last month. The index maintained above boom and bust line for consecutive six months. Iron Ore Key Indicators: • Platts62 $110.50, -0.05, MTD $110.53. The BRBF source became tight in the next …
Iron Ore DCE September23 Daily Technical Review 04/07/23
Verdict- Neutral. DCE Sep23 contract closed slightly below the open. The trades and positions were crowded in the range 814.0- 830.0. Hourly MACD was in bearish area. Iron ore maintain neutral in short-run unless a break on the trading range mentioned above. First support 800.0. First resistance 830.0.