FIS API Blog
Verdict- Neutral to Bullish. DCE iron ore Jan25 tested low last night and rebounded significantly during the day. The low of the day fell just on the first support we mentioned on last report. Hourly MACD was on bullish territory. However the first two long candles during the morning session with massive volume indicated a …
Continue reading “Iron Ore DCE Jan25 Daily Technical Review 31/07/24”
Verdict: • Short-run Neutral to Bullish. Macro: • The Eurozone GDP in Q2 after adjusted increased by 0.6% on the year and 0.3% on the month, both higher than market expectations. • Glencore copper production in H1 2024 was 462,600 tons, decreased by 5% on the year. Nickel production decreased by 5% at 44,200 …
Verdict- Neutral. Iron ore corrected significantly during the trading day by 3.22%. Iron ore active rolled from Sep24 to Jan25 during this week. New sellers and previous rolling gathered in January contract as increased aggregated open interest, which triggered big drop. Hourly MACD widened in bearish territory. Hourly slow stochastic KD reached oversold area. In …
Continue reading “Iron Ore DCE Jan25 Daily Technical Review 30/07/24”
Verdict: • Short-run Neutral. Macro: • The Bureau of the Ministry of Industry and Trade of Vietnam has issued a notice officially launching anti-dumping investigations on hot rolls originating from China and India. From January to June 2024, the total amount of steel exported from China to Vietnam reached 6.37 million tons, a year-on-year …
Verdict- Neutral. Iron ore closed 1.5 yuan/ton above last Friday. Hourly MACD narrowed above 0 axis. Hourly KD corrected from overbought area to neutral area. Iron ore potentially keep testing the resistance area from 784.0- 791.0 in next few sessions. A breakthrough on this area would indicate a reversal in mid-run. Otherwise iron ore maintain …
Continue reading “Iron Ore DCE Sep24 Daily Technical Review 30/07/24”
Verdict: • Short-run Neutral. Macro: • According to data from the China National Bureau of Statistics, from January to June, industrial enterprises above designated size in China achieved a total profit of 351.103 billion yuan, a year-on-year increase of 3.5%, with a growth rate 0.1% faster than from January to May period. Among them, …
Verdict- Neutral. Iron ore corrected dragged by weak global equity market and commodity sector. Hourly slow stochastic KD narrowed in bearish territory. Hourly candles saw support above 761.0. A stand on 761.0 would probably see some bounce back. First support 750.0. First resistance 791.0.
Verdict: • Short-run Neutral. Macro: • EIA reported that as of the week of July 19th, US crude oil inventories decreased by 3.7 million barrels to 436.5 million barrels. Previously, Reuters survey analysts estimated a decrease of 1.6 million barrels. • China Ministry of Finance statistic indicated that H1 2024 state-owned companies total revenues …
Verdict- Neutral. Iron ore tested low and closed 1 yuan/ton above last closing. Hourly MACD narrowed in bearish territory. Hourly CCI entered neutral area from bearish area. Hourly slow stochastic KD created gold cross in oversold area. Technical signals were indicating a consolidation. First support 750.0. First resistance 791.0.
Verdict: • Short-run Neutral. Macro: • According to NAR, US home sales at 3.89 million units in June, down 5.4% on the month, refreshed lowest since December, 2023. • Russia reimposes gasoline export ban for August, potentially extend this ban for further months if necessary. Iron Ore Key Indicators: • Platts62 $100.40, -2.80, …
