Verdict: • Short-run Neutral. Macro: • US Treasury Secretary Janet Yellen said that it’s premature to judge the impact of UAW strike, and sought for a “win-win” deal. • ECB governors indicated that the Thursday interest hike potentially become the last hike in the year. Iron Ore Key Indicators: • Platts62 $124.45, -1.15, …
Author archives: Hao Pei
Iron Ore DCE January 24 Daily Technical Review 18/09/23
Verdict- Neutral. DCE Jan24 contract saw a low high during the day, and potentially entered a consolidation period. Hourly MACD flattened in bearish area. Hourly CCI fell into neutral area. A rejection on 881.5 for next few sessions would stuck the price level into narrower range. The trading was crowded in the range 870 – …
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Daily Virtual Steel Mill Report 18/09/23
Verdict: • Short-run Neutral. Macro: • FedWatch indicated that the probability of skipping interest hike in September reached as high as 98%. The 25 bps hike probability for November or December reached 60%. Iron Ore Key Indicators: • Platts62 $125.60, +1.65, MTD $120.66. The seaborne iron ore market saw improved popularity because of …
Iron Ore DCE January 24 Daily Technical Review 15/09/23
Verdict- Neutral to Bullish. DCE Jan24 contract broke important resistance at 866.5, which became an important support in short-run. Hourly MACD widened in bullish territory. Hourly CCI approached the boundary of neutral and bullish area. Hourly slow stochastic KD entered overbought area. First support 866.5. First resistance 900.0.
Daily Virtual Steel Mill Report 15/09/23
Verdict: • Short-run Neutral to Bullish. Macro: • China announced reserve requirement ratio cut by 0.25% to consolidate the foundation for economy recovery. The reduction is the second RRR cut during 2023, expected to release over 500 billion yuan in medium liquidity. Iron Ore Key Indicators: • Platts62 $123.95, +1.45, MTD $120.11. The …
Iron Ore DCE January24 Daily Technical Review 14/09/23
Verdict- Neutral. DCE Jan24 contract maintain rangebound during the day as expected. A breakthrough on 867.5 potentially indicates a return to bullish in mid-run. Hourly MACD potentially create a dead cross. Hourly CCI fell from bullish territory to neutral area. First support 840.0. First resistance 867.5.
Daily Virtual Steel Mill Report 14/09/23
Verdict: • Short-run Neutral. Macro: • US August CPI up 3.7%, higher than expected 3.6%, last 3.2%. Core CPI up 4.3%, est. 4.3%, last 4.7%. • Europe Union will launch a probe of EV subsidies against China. Iron Ore Key Indicators: • Platts62 $122.60, +1.95, MTD $119.21. The mid-grade saw massive fixed trade …
Iron Ore DCE January24 Daily Technical Review 13/09/23
Verdict- Neutral. DCE Jan24 contract maintain rangebound and returned to the area of last closing. Hourly slow stochastic created dead cross in overbought area and flattened. Hourly CCI approached bullish territory. Hourly MACD narrowed in bullish area. Short-run technical was still indicating a neutral sentiment. First support 840.0. First resistance 867.5.
Daily Virtual Steel Mill Report 13/09/23
Verdict: • Short-run Neutral. Macro: • BOE indicated that the inflation target of 2% was approachable in two years. • OPEC monthly report indicated that the crude oil shortage reached 3 million barrels/day due to the extension production cut by Saudi Arab. Iron Ore Key Indicators: • Platts62 $122.60, +1.95, MTD $119.21. Although the …
Iron Ore DCE January24 Daily Technical Review 12/09/23
Verdict- Neutral. DCE Jan24 contract rebounded by 1.96% based on the last settlement price. Hourly MACD widened in bullish territory. Hourly slow stochastic KD created dead cross in overbought area. Hourly CCI corrected from bullish area to neutral area. Short-run technical was indicating an exhaustion approaching important resistance level at 865.5. Thus, a breakthrough on …
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