Verdict: • Short-run Neutral to bullish. Macro: • ECB predicted Euro Zone GDP growth by 0.8% in 2023 on the year, up 1.3% in 2024, lower than expected 1.1% and 1.6% respectively from last time. Iron Ore Key Indicators: • Platts62 $120.65, +3.85, MTD $118.65. Although the primary market of seaborne iron ore …
Author archives: Hao Pei
Iron Ore DCE January24 Daily Technical Review 11/09/23
Verdict- Neutral. DCE Jan24 contract rebounded significantly with growing open interests, symbolising the entrance of new buyers. Hourly MACD returned to bullish territory. Hourly slow stochastic KD approached overbought area. Hourly CCI entered bullish area. In mid-run, a recovery on 865.5 would indicate the market return to bullish run. First support 826.5. First resistance 865.5. …
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Daily Virtual Steel Mill Report 11/09/23
Verdict: • Short-run Neutral. Macro: • China Newspaper saw credit growth rebound in August, when policy makers are likely to use RRR cuts and other financial tools to flexibly maintain at low cost funding to the banking system. • Guangzhou, China scrapped price limit on new homes by decreasing the mortgage rate at Loan …
Iron Ore DCE January24 Daily Technical Review 08/09/23
Verdict- Neutral. DCE Jan24 contract broke 831.0 during the day and accelerated correction as expected. The next support was 803.5, thus, iron ore potentially test low in the next session. Hourly MACD maintained at bearish area since September 4th. Hourly CCI consolidated around the boundary of bearish area and neutral area. Hourly slow stochastic KD …
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Daily Virtual Steel Mill Report 08/09/23
Verdict: • Short-run Neutral to Bearish. Macro: • US jobless claims reached 216,000, est. 234,000, last 228,000. • Some southern cities, including the biggest city in the south, Guangzhou, China was suffering from heavy rain and floods. HKEX closed on Friday because of the extreme weather. Iron Ore Key Indicators: • Platts62 $117.70, …
Iron Ore DCE January24 Daily Technical Review 07/09/23
Verdict- Neutral. DCE Jan24 contract tested low hit at 831.0. A breakdown on 831.0 in next session would indicate a reversal from bullish to bearish in mid-run. Otherwise, standing on this level would maintain iron ore at neutral area. Hourly CCI entered bearish area. Hourly MACD widened in bearish territory. First support 831.0. First resistance …
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Daily Virtual Steel Mill Report 07/09/23
Verdict: • Short-run Neutral. Macro: • China engaged to initiate discussion with ASEAN countries in fields of NEVs and photovoltaics areas. • The US Beige book indicated that the economy and job growth rates potentially slow down in July and August. Many enterprises expected a slow down on salaries growth. Iron Ore Key …
Iron Ore DCE January24 Daily Technical Review 06/09/23
Verdict- Neutral. DCE Jan24 contract consolidated during the day as expected. The price level expected to maintain neutral unless breaking through the range 836.5- 865.5. Hourly MACD weakened in bearish territory. Hourly slow stochastic KD maintained at neutral level. Hourly CCI approached the boundary of oversold area. First support 836.5. First resistance 865.5.
Daily Virtual Steel Mill Report 06/09/23
Verdict: • Short-run Neutral. Macro: • Saudi Arab and Russia extend the crude oil production curb. Saudi Arab would decrease 1 million barrels/day in the coming three months. Russia would decrease 300,000 barrels/day till the end of 2023. • The US federal governor Christopher Waller saild the policymakers can afford to skip interest hike. …
Iron Ore DCE January24 Daily Technical Review 05/09/23
Verdict- Neutral. DCE Jan24 contract was majorly traded in the range 836.5- 865.5 during the past three trading days. Hourly slow stochastic KD saw correction after a few lower dead crosses. Hourly CCI corrected from bullish area and approached bearish area. Hourly MACD widened in bearish territory. In short-run maintain neutral outlook unless a breakthrough …
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