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 …
Author archives: Hao Pei
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 …
Daily Virtual Steel Mill Report 26/05/22
Market Verdict on Iron Ore： • Neutral. Macro： • The number of unemployment benefits files in U.S. last week reached 229,000, a new low since the week of April 22, 2023, with an estimated 245,000 files, compared to the previous value of 242,000 files. • Chinese completed new issued local bonds exceeded 2 trillion …
Iron Ore DCE September23 Daily Technical Review 25/05/23
Verdict- Neutral. DCE Sep23 contract consolidated during the trading day. The low of the day once broke the long-run support at 675.5, however recovered fast after the test low. The high of day reached 695.0, which was still far from 700.0. Hourly MACD narrowed below oversold area. Hourly slow stochastic KD brewing breakthrough in oversold …
Continue reading “Iron Ore DCE September23 Daily Technical Review 25/05/23”
Daily Virtual Steel Mill Report 25/05/22
Market Verdict on Iron Ore： • Neutral. Macro： • U.S. Markit May PMI 48.5, less than expected 50, refreshed the lowest of last three months. Eurozone PMI May at 44.6, last 45.8. • The third round of negotiations between the White House and Congressional leadership continued with no resolution, although both sides described that …