Market Verdict on Iron Ore： • Neutral to bullish. Macro： • Many state banks in China announced to cut deposit rates in June 8th to bolster economy. ICBC, ABC and BOCC cut 15 bps on the three-year and five-year deposits respectively. • OECD predicted that global economic growth rate slowed down to 2.7% in …
Author archives: Hao Pei
Daily Virtual Steel Mill Report 05/06/23
Market Verdict on Iron Ore： • Neutral to bullish. Macro： • U.S. May non-farm payrolls increased by 339,000, refreshed the biggest increase since January 2023, est. 195,000, last 294,000. • After OPEC+ conference, Saudi Arab announced cut 1 million barrels/day in addition to the original cut in July. In a previous meeting, OPEC+ extended …
Iron Ore DCE September23 Daily Technical Review 02/06/23
Verdict- Bullish. DCE Sep23 contract maintained in bullish run as expected. Hourly slow stochastic KD entered bullish area. Hourly CCI entered bullish territory. Technical signals were indicating the bullish run in continuance. First support 732.0. First resistance 794.5.
Daily Virtual Steel Mill Report 02/06/23
Market Verdict on Iron Ore： • Neutral to bullish. Macro： • MySteel estimated 45 Chinese iron ore ports total inventories at 127.52 million tons, down 412,900 tons. Daily evacuation at 2.9099 million tons, down 7,200 tons on the week. • Eurozone May inflation rate decreased from 7% to 6.1%, lower than expected 6.3%. The …
Iron Ore DCE September23 Daily Technical Review 31/05/23
Verdict- Neutral to bullish. DCE Sep23 contract rebounded as expected yesterday. Hourly MACD created gold cross. Hourly slow stochastic KD created gold cross above oversold area. Hourly CCI rebound fast and approached mid-area. Short-run technical signals were indicating a sustainability on the current trend. First support 700.0. First resistance 733.0.
Daily Virtual Steel Mill Report 31/05/22
Market Verdict on Iron Ore： • Neutral. Macro： • China official manufacturing PMI 48.8, est. 49.5, last 49.2. • Fedwatch tools indicated that the probability of 25bps interest hike in June reached 63%. Iron Ore Key Indicators: • Platts62 $102.65, -1.80, MTD $105.16. The mid-grade interests dominate seaborne market yesterday. BHP sold fixed …
Iron Ore DCE September23 Daily Technical Review 30/05/23
Verdict- Neutral to bullish. DCE Sep23 contract corrected, however maintain neutral to bullish view in short-run as the low was standing above important support at 700.0. Hourly slow stochastic KD deepened correction after creating dead cross. Hourly CCI entered neutral area. First support 700.0. First resistance 733.0.
Daily Virtual Steel Mill Report 30/05/22
Market Verdict on Iron Ore： • Neutral. Macro： • Market expected that the new emerging potentially start interest cut this year. Iron Ore Key Indicators: • Platts62 $104.45, +2.00, MTD $105.29. The seaborne inquiries became active because of the recovery of import margins. MACF traded at $100.7, increased by near $7 compared to …
Iron Ore DCE September23 Daily Technical Review 29/05/23
Verdict- Neutral to bullish. DCE Sep23 contract rebounded during the trading day, which was also supported above 700.0 level. Hourly slow stochastic KD created a fast rebound and entered overbought area. Hourly MACD entered bullish territory. If a breakthrough on 733.0 would potentially accelerate the current upward movement. First support 700.0. First resistance 733.0.
Daily Virtual Steel Mill Report 29/05/22
Market Verdict on Iron Ore： • Neutral. Macro： • US House Speaker Kevin McCarthy stated that the White House and Republican have reached an agreement in principle on the debt ceiling. • From January to April, China industrial enterprises value added amount down 20.6% on the year. Iron Ore Key Indicators: • Platts62 …