Market Verdict on Iron Ore： • Neutral. Macro： • U.S. February non-farm payroll increased by 311,000, estimated up 225,000, last 517,000. U.S. February jobless rate at 3.6%, est. 3.4%, last 3.4%. • U.S. federal reserve announced emergency bank financing program(BTFP). The Ministry of Finance will provide $25 billion to support bank loans. According to …
Author archives: Hao Pei
Iron Ore DCE May23 Daily Technical Review 09/03/22
Verdict – Short-term neutral. DCE iron ore May23 contract tested low and rebounded in late market. Iron ore was largely waiting for direction as expected in previous reports during this week. Hourly CCI entered bullish area. Hourly MACD flattened. Iron ore was moving in the range from 873.0 to 923.5. The first support is 873.0. …
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Daily Virtual Steel Mill Report 09/03/22
Market Verdict on Iron Ore： • Neutral. Macro： • U.S. January ADP new added jobs 242,000, higher than expected 200,000. Job vacancies in the month dropped to 10.8 million. • China January CPI up 1% on the year, estimated 1.9%, last 2.1%. China January PPI down 1.4% on the year, estimated 1.3%, last down …
Iron Ore DCE May23 Daily Technical Review 08/03/22
Verdict – Short-term neutral. DCE iron ore May23 contract saw some exhaustion by testing high. In long-run the time window is not friendly to iron ore, since iron ore futures have rebounded over 4 months. Hourly slow stochastic KD created dead cross below overbought area. Hourly MACD narrowed in bullish territory. Hourly CCI approached overbought …
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Daily Virtual Steel Mill Report 08/03/22
Market Verdict on Iron Ore： • Neutral. Macro： • Federal Reserve Chairman Jerome Powell said in his congressional testimony that he would further raise interest rates to achieve the 2% inflation target. The final interest rate level is higher than previously expected. If necessary, he would accelerate the pace of interest rate increase. Powell …
Iron Ore DCE May23 Daily Technical Review 07/03/22
Verdict – Short-term neutral DCE iron ore May23 contract increased significantly during the day. Hourly slow stochastic KD approahed overbought area after gold cross. Hourly MACD created gold cross. Iron ore need to breakthrough 918.5- 923.5 area, to return to bullish-run. The level 918.5 used to be an upper bound of a gap, while 923.5 …
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Daily Virtual Steel Mill Report 07/03/22
Market Verdict on Iron Ore： • Neutral. Macro： • MySteel estimated that China manufacturing orders potentially recover, while the cash flow expected to improve. Mysteel estimated the investment of manufacturing would increase by 6%. • Robert Holzmann, the ECB’s governing committee, told the German Business Daily that the ECB should raise interest rates by …
Iron Ore DCE May23 Daily Technical Review 06/03/22
Verdict – Short-term neutral. DCE iron ore May23 contract dumped by Asian morning opening, however recovered partial loss by closing. From hourly chart, MACD moved from bullish territory to bearish range. CCI however, moved back from bearish territory in the afternoon session. Iron ore needs to test important resistance at 900.0 again. The first support …
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Daily Virtual Steel Mill Report 06/03/22
Market Verdict on Iron Ore： • Neutral to bearish. Macro： • China government work report set 5% as economy growth target in 2023 and 3% as fiscal deficit rate, which were both considered conservative from the market. The market was also focusing on the new governors lists and reform programs on institutions. Iron …
Iron Ore DCE May23 Daily Technical Review 02/03/22
Verdict – Short-term neutral. DCE iron ore May23 contract inched up, however seeing exhaustion. Hourly MACD moved flat in bullish territory. Hourly slow stochastic KD entered overbought area. A breakthrough on 922.0 would bring iron ore back to bullish trend. Otherwise, iron ore potentially consolidate in current range from 883.0 – 922.0. The first support …
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