Verdict: • Short-run Neutral. Macro: • China Caixin markit PMI up to 51.8 in June, refreshed new high from June in 2021, indicating the manufacturing operation entered an expansion period. • On Monday, iron ore, major commodities and equity market spiked supported by Chinese central bank PBOC plan to borrow government bonds from primary …
Author archives: Hao Pei
Iron Ore DCE Sep24 Daily Technical Review 01/07/24
Verdict- Neutral to Bullish. Iron ore rebounded significantly and reached important resistance at 840.0. Hourly MACD widened in bullish territory. Hourly CCI reached bullish area. Iron ore potentially test high in next few sessions. First support 821.5. First resistance 850.0.
Daily Virtual Steel Mill Report 01/07/24
Verdict: • Short-run Neutral. Macro: • US PCE index for May grew 2.6% on the year, flat from estimation, which supported the interest cut expectation. The interest cut probability raised from 64% to 68% after the news. • Panama Canal began to gradually increase daily transits from July 22nd. The Canal expected to increase …
Iron Ore DCE Sep24 Daily Technical Review 28/06/24
Verdict- Neutral. Iron ore rebounded and returned to the closing by two days ago. Iron ore maintained neutral sentiment as expected. Hourly MACD narrowed in bullish territory. Iron ore consolidated in the 791.0 – 830.0 range. It would be hard to see directional movement without breaking through this range box. First support 791.0. First resistance …
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Daily Virtual Steel Mill Report 28/06/24
Verdict: • Short-run Neutral. Macro: • China National Bureau of Statistics: From January to May, the total profit of the ferrous metal smelting and rolling processing industry was a loss of 12.72 billion yuan. • The IMF has lowered its forecast for real GDP growth in US in 2024 from 2.7% in April to …
Iron Ore DCE Sep24 Daily Technical Review 27/06/24
Verdict- Neutral. Iron ore corrected after testing high. Hourly slow stochastic KD created dead cross in overbought area. Hourly CCI corrected from bullish territory to neutral area. Hourly MACD narrowed in bullish area. Iron ore potentially regain support if not breaking down 791.0 level. First support 791.0. First resistance 830.0.
Daily Virtual Steel Mill Report 27/06/24
Verdict: • Short-run Neutral. Macro: • US new house sales down 11.3% in May, refreshed six-month low because of the high mortgage rate. The new house supplies refreshed 16-year-high. • From January to May, China industrial enterprises above designated size value added amount reached 2.75 trillion yuan, up 3.4% on the year. Iron …
Iron Ore DCE Sep24 Daily Technical Review 26/06/24
Verdict- Neutral to Bullish. Iron ore closed higher for the second trading day, and previous resistance level 796.0 became new support. Hourly MACD widened in bullish territory. Hourly CCI created listed high. Iron ore potentially test high in the next few sessions. First support 796.0. First resistance 840.0.
Daily Virtual Steel Mill Report 26/06/24
Verdict: • Short-run Neutral. Macro: • US Federal governor Miki Bowman said the earliest interest cut would be in 2025 concerning the high inflation rate. However, the other governor Lisa Cook indicated the inflation went down in March and June, the interest cut in 2024 would be propriate. Iron Ore Key Indicators: • …
Iron Ore DCE Sep24 Daily Technical Review 25/06/24
Verdict- Neutral. Iron ore closed at 801.0, higher than last closing at 795.5 with smaller volume and some taking gains observed from previous sellers. Hourly MACD narrower in bearish territory. Iron ore traded higher than 791.0 tomorrow generally mean a return to consolidation. First support 791.0. First resistance 810.0.