Market Verdict on Iron Ore： • Neutral. Macro： • Christine Lagarde expected the high inflation would maintain at high level in very long times, ECB potentially increase interest rate in July. • China NBS: China exported 4.57 million tons of flat steel, up 0.7% on the year. Jan-May total exported 23.56 million tons of …
Author archives: Hao Pei
Iron Ore DCE September23 Daily Technical Review 15/06/23
Verdict- Neutral. DCE Sep23 contract rebounded slightly during the trading day, a further breakthrough on 820.5 would potentially drive iron ore into a fast growing phase. Otherwise iron ore is expected to build a periodic roof area from 802.0 – 820.5. Hourly CCI fell out of bullish territory. Hourly MACD was flat during past 4-5 …
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Daily Virtual Steel Mill Report 15/06/23
Market Verdict on Iron Ore： • Neutral. Macro： • U.S. lowered the unemployment rate expectation to 4.1%, est. 4.5%. U.S. PPI in May up 1.1%, refreshed new low since December 2020, est. 1.5%, last 2.3%. PPI down 0.3% on the month, est. down 0.1%, last increase 0.2%. • U.S. FOMC announced to maintain unchanged …
Iron Ore DCE September23 Daily Technical Review 14/06/23
Verdict- Neutral. DCE Sep23 contract tested high and correct back. The contract was rejected below the important level at 812.5. Hourly slow stochastic KD created a dead cross below overbought area. The hourly MACD was neutral. Hourly CCI fell out of bullish territory. The next support was maintained at 781.0, which was a neckline area. …
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Daily Virtual Steel Mill Report 14/06/23
Market Verdict on Iron Ore： • Neutral. Macro： • U.S. CPI annual rate up 4% in May, created an 11 month drop in a roll, refreshed new low since March 2021, est. 4.1%, last 4.9%. The market expected that the U.S. Federal would skip interest hike in June. • China central bank PBOC lowered …
Iron Ore DCE September23 Daily Technical Review 13/06/23
Verdict- Neutral. DCE Sep23 contract rebounded, however resisted by 800.0- 803.0 level. Hourly MACD narrowed in bearish territory. Hourly slow stochastic KD created gold cross and approaching overbought area. Neutral in short-run, waiting for the direction before breaking through the resistance. First support 781.0. First resistance 812.5.
Daily Virtual Steel Mill Report 13/06/23
Market Verdict on Iron Ore： • Neutral. Macro： • Following the state-owned banks rates cut, twelve China’s key joint-stock banks cut deposit rates, ranged from 5 -15 bps. • Jonathan Haskel, rate setter of BOE, said further increased in interest rate cannot be ruled out given a high inflation rate. Iron Ore Key …
Iron Ore DCE September23 Daily Technical Review 12/06/23
Verdict- Neutral to Bearish. DCE Sep23 contract created the biggest single day correction in June by 1.81%, along with a massive 80,000 lots of decrease on open interests. The trading volume increased for consecutive three days, indicating a confliction a periodic high level. Hourly slow stochastic KD deepened correction after creating dead cross in overbought …
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Daily Virtual Steel Mill Report 12/06/23
Market Verdict on Iron Ore： • Neutral. Macro： • The global PMI in May was 48.3%, down 0.3% from April, created consecutive decrease for the previous three months. The index was lower than 50% for the past eight months. The index refreshed new low since June, 2020. Iron Ore Key Indicators: • Platts62 …
Iron Ore DCE September23 Daily Technical Review 08/06/23
Verdict- Bullish. DCE Sep23 contract maintained in bullish run as expected. Hourly MACD maintained flat in 2-3 days. Hourly CCI consolidated along the bullish boundary. Technical signals were indicating an exhaustion and slow down on the current price trend. However, iron ore is expected to maintain rebound along the bullish trend till a clear reversal …
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