Market Verdict on Iron Ore： • Neutral. Macro: • Chinese October Manufacturing PMI 49.2, last 50.1. Non-manufacturing PMI 48.7, last 50.6. • Euro zone Q3 GDP growth rate 0.2% from Q2, est. 0.1%, last 0.8%. Eurozone October adjusted CPI up 1.5% on the month, est. 1.2%, last 1.2%. Eurozone October inflation rate refreshed highest …
Author archives: Hao Pei
Daily Virtual Steel Mill Report 28/10/22
Market Verdict on Iron Ore： • Neutral. Macro: • Chinese NBS: For the first nine months of the year, Chinese industrial enterprises value-added above designated scale 6.24 trillion yuan, down 2.3% y-o-y. • U.S. Q3 GDP up 2.6% on the year, higher than expected 2.4%, created the first positive growth quarter after two consecutive …
Iron Ore DCE January Daily Technical Review 27/10/22
Verdict – Short-term neutral to bearish. DCE iron ore January contract broke the last defense at 652.0 as long-run support. Iron ore fell into bearish territory. A return to neutral needs to breakthrough 667.0 as intra-day high. Hourly MACD widened below 0 axis. Hourly slow stochastic KD entered bearish territory. CCI rejected by the lower …
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Daily Virtual Steel Mill Report 27/10/22
Market Verdict on Iron Ore： • Neutral. Macro: • U.S. dollar index depreciated fast from 113.93 to 109.53 since Oct 21st. Non-U.S. currency appreciated significantly during this week. Chinese yuan appreciated over 1200 bps yesterday. • World Bank: Due to the EU embargo, insurance and shipping restrictions, Russia’s oil exports may decrease by up …
Iron Ore DCE January Daily Technical Review 26/10/22
Verdict – Short-term neutral. DCE iron ore January contract broke the long-run support level at 662.5, however recovered to this level before closing. Iron ore potentially maintain range bounds near this level. Hourly MACD volatility decreased significantly. Hourly CCI corrected to bearish territory. Technical signals were indicating a potential narrowing in range bounds in the …
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Daily Virtual Steel Mill Report 26/10/22
Market Verdict on Iron Ore： • Neutral. Macro: • The Chinese central bank and the foreign exchange bureau said that they should maintain the healthy development of the stock market, bond market and property market. They should keep the exchange rate basically stable at a reasonable and balanced level. The CBRC stressed that the …
Iron Ore DCE January Daily Technical Review 25/10/22
Verdict – Short-term neutral. DCE iron ore January contract corrected, however recovered some losses during the day. Short-run supported by 662.5- 664.0 area, initiated two rounds of rebound during the past five trading days. Hourly slow stochastic KD potentially create gold cross near oversold area. Hourly CCI potentially breakthrough from bearish territory to neutral area. …
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Daily Virtual Steel Mill Report 25/10/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro: • U.S. October Manufacturing PMI 49.9, refreshed new low since June 2020. • Chinese January to September crude steel production 780.83 million tons, down 4.3% on the year. Total coal production 3320 million tons, up 11.2% on the year. Total crude oil production 153.75 …
Iron Ore DCE January Daily Technical Review 24/10/22
Verdict – Short-term neutral. DCE iron ore January contract corrected after a systematic correction over entire secondary market in Asian morning. However expected to recover some gains and continue to test high in the following sessions. A breakthrough on next high at 694.0 would create signals of a big rebound. Otherwise iron ore maintain consolidate …
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Daily Virtual Steel Mill Report 24/10/22
Market Verdict on Iron Ore： • Neutral. Macro： • U.S. Federal was considering lower the December interest hike to 50 bps from 75 bps, however the final interest rate would increase in 2023. At least 6 ECB officials support a 75 bps interest hike by the end of 2022. • China first three quarter …