Market Verdict on Iron Ore： • Neutral. Macro: • U.S. March CPI up 5% on the year, lower than 5.2% expected, refreshed new low from May 2021, created a consecutive 9-month drop. However core CPI in March up from 5.5% to 5.6%. • G7 Group indicated that the central banks in global countries would …
Author archives: Hao Pei
Iron Ore DCE September23 Daily Technical Review 12/04/22
Verdict- Neutral. DCE Sep23 contract returned to rangebound area from 771.0 to 803.0, after rejected by 803.0. Hourly MACD narrowed in bullish area. Hourly CCI retreated after failing to breakthrough the bullish boundary. First support 771.0. First resistance 803.0.
Daily Virtual Steel Mill Report 12/04/22
Market Verdict on Iron Ore： • Neutral. Macro： • IMF published the World Economic Outlook, estimated global economy growth by 2.8% in 2023, 0.1% lower than previous expectation. The estimated growth rate up 3% by 2024, down 0.1% than last prediction. • A report from the New York Federal Reserve stated that the Federal …
Iron Ore DCE September23 Daily Technical Review 11/04/22
Verdict- Neutral to bullish in Short-Run. DCE Sep23 contract gained support above important level at 771.0. Thus 771.0- 773.0 became a mid-run support. Hourly MACD returned to bullish territory. Hourly slow stochastic KD created gold cross above oversold area. Hourly CCI reached bullish territory. First support 771.0. First resistance 820.0.
Daily Virtual Steel Mill Report 11/04/22
Market Verdict on Iron Ore： • Neutral. Macro： • China March CPI up 0.7% on the year, est. 1%, last 1%. China March PPI down 2.5%, est. down 2.5%, last down 1.4%. Iron Ore Key Indicators: • Platts62 $119.65 +0.05, MTD $ 120.64. Market cooled down following the fair trading and speculation control …
Iron Ore DCE September23 Daily Technical Review 10/04/22
Verdict- Neutral to Bearish in Short-run. DCE Sep23 contract corrected as expected from last report. A breakdown on 771.0 would accelerate correction. Hourly slow stochastic KD approached oversold area. Hourly CCI was in bearish territory. Hourly MACD was in bearish territory. Both short-run and mid-run signals were indicating a continious correction. First support 750.0. First …
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Iron Ore DCE September23 Daily Technical Review 04/04/22
Verdict- Neutral to Bearish in Short-run. DCE May23 contract rolled to Sep23, which became the new active contract. Slow stochastic KD potentially create gold cross in oversold area. Hourly CCI headed up from bearish territory to neutral area. Technical signals were indicating an exhaustion. First support 791.0. First resistance 810.0.
Daily Virtual Steel Mill Report 04/04/22
Market Verdict on Iron Ore： • Neutral. Macro： • The Bank of China Research institute estimated China Q1 GDP growth rate at 4.1%, Q2 GDP growth rate at 7.6%, the high of the year. The high Q2 prediction was contributed by the recovery of economy and low base effect in 2022. Iron Ore …
Iron Ore DCE May23 Daily Technical Review 03/04/22
Verdict- Neutral to Bearish in Short-run. DCE May23 contract potentially reversed from high area. Daily MACD was close to neutral area. Daily CCI was rejected by the lower bound of bullish territory. A test low is expected to happen in next few sessions. First support 844.0. First resistance 914.5.
Daily Virtual Steel Mill Report 03/04/22
Market Verdict on Iron Ore： • Neutral. Macro： • The banking crisis does not seem to be over yet, with the latest focus on Credit Suisse Financial Group. Morgan Stanley released a report saying that the outflow rate of funds from customers of Credit Suisse Wealth Management was twice as expected. The target price …