Market Verdict on Iron Ore： • Neutral. Macro: • China state council published new measures on the pandemic control, which require no PCR test to public areas except schools, hospital and some densely populated areas. Travelling persons are not required to provide PCR test results and new tests. • Canada central bank would raise …
Author archives: Hao Pei
Daily Virtual Steel Mill Report 06/12/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro: • China Jan- Nov local debts issuance reached 7.3 trillion yuan, a historical high. • Many cities in China eased off the pandemic control in early this week, including optimise the PCR test, travel, and medical purchase. Iron Ore Key Indicators: • Platts62 …
Iron Ore DCE May23 Daily Technical Review 05/12/22
Verdict – Short-term neutral. DCE iron ore May23 contract rebound slightly during the trading day as expected, rejected by major resistance at 800.0. May 23 become major contract in DCE with higher open interest. Hourly slow stochastic KD created dead cross below overbought area. Hourly CCI retreated to neutral area from bullish area. The intraday …
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Daily Virtual Steel Mill Report 05/12/22
Market Verdict on Iron Ore： • Neutral. Macro: • G7 member countries and Australia reached a consensus to set roof price of Russia export oil at $60/barrel. • U.S. Labor Department statistics indicated that the November Non-Agricultural population reached 263,000 , beyond expected 200,000. Iron Ore Key Indicators: • Platts62 $107.30, +4.20, MTD …
Iron Ore DCE January Daily Technical Review 02/12/22
Verdict – Short-term neutral to bullish. DCE iron ore January contract maintained growth. The iron ore spiked after broke main resistance 780.5 during the day. Volume decreased with more positions rolling to May contract. Hourly slow stochastic KD approached overbought area. Hourly CCI closed to bullish territory. The first support is 780.5. The first resistance …
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Daily Virtual Steel Mill Report 02/12/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro: • China Caixin Manufacturing PMI 49.4, up 0.2 compared to October. U.K. Manufacturing November PMI 46.5, better than expected 46.2. Japan Manufacturing PMI 49, last 49.4. EU November Manufacturing PMI 47.1, lower than expected 47.3. Germany November Manufacturing PMI 46.2, last 46.7. • U.S. …
Iron Ore DCE January Daily Technical Review 01/12/22
Verdict – Short-term neutral. DCE iron ore January contract expected to finish rolling to May next week. Hourly MACD flattened in bearish territory. Hourly slow stochastic and CCI were both in neutral area. Short-run iron ore faced significant resistance at 779.5 – 780.5. The first support is 758.5. The first resistance is 800.0
Daily Virtual Steel Mill Report 01/12/22
Market Verdict on Iron Ore： • Neutral. Macro: • Citi Bank expected the global economy growth drop below 2% in 2023, similar to previous predictions by Morgan Stanley, Barkley, Goldman Sachs. • China November official PMI 48, est. 49, last 49.2. • U.S. Federal Jerome Powell indicated that potentially slow down December interest hike. …
Iron Ore DCE January Daily Technical Review 30/11/22
Verdict – Short-term neutral. DCE iron ore January contract tested low and recovered loss fast. Hourly MACD entered bearish territory. Hourly slow stochastic KD deepened correction. Short-run technical signals were indicating an exhaustion. Trading volume narrowed significantly. Market was in a watch-and-see mode. The first support is 758.5. The first resistance is 800.0
Daily Virtual Steel Mill Report 30/11/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro: • Germany October CPI up 10% on the year, lower than estimated 10.4%. • China November official PMI 48, est. 49, last 49.2. Iron Ore Key Indicators: • Platts62 $101.25, +2.35, MTD $92.88.China CSRC reopened the refinancing of property companies, the continuous sentiment …