Verdict: • Short-run Neutral. Macro: • The ECB indicated that the Euro zone was in a high inflation mode and urged to bring inflation rate back to 2%. • The Chinese government has laid out a work plan to maintain steady growth for its automotive industry during 2023-24, expecting a 3% sales growth in …
Author archives: Hao Pei
Iron Ore DCE January24 Daily Technical Review 04/09/23
Verdict- Neutral. DCE Jan24 contract tested high and corrected quickly in the afternoon, finally supported by 836.5 area. Hourly CCI corrected from 4-week high. Hourly slow stochastic KD created two consecutive lower dead crosses. Hourly MACD created dead cross. Iron ore potentially regain support if standing on 836.5 for several sessions. First support 836.5. First …
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Iron Ore DCE January24 Daily Technical Review 25/08/23
Verdict- Neutral. DCE Jan24 contract rebounded significantly and broke the bearish technical created yesterday. However the high was resisted by 831.0- 832.5 area for the past three trading days. Hourly MACD narrowed in bearish area. Hourly CCI entered bullish area. Hourly slow stochastic KD rebounded after created a gold cross in neutral area. First support …
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Daily Virtual Steel Mill Report 25/08/23
Verdict: • Short-run Neutral. Macro: • WTO indicated that the global trade should recover gradually in Q2 2023, and should stablise in Q3. The 1.7% growth rate of world trade in 2023 is approachable. • The U.S. jobless claims last week reached 230,000, est. 240,000, last 239,000. Iron Ore Key Indicators: • Platts62 …
Iron Ore DCE January24 Daily Technical Review 24/08/23
Verdict- Neutral to bearish. DCE Jan24 contract tested high and rejected by 831.5 area, which became a short-run resisting area. Hourly MACD created dead cross. Hourly slow stochastic KD entered neutral area after creating several lower dead crosses. First support 804.5. First resistance 836.5.
Daily Virtual Steel Mill Report 24/08/23
Verdict: • Short-run Neutral. Macro: • S&P indicated that the U.S. Service PMI in August at 51.0, refreshed the slowest increase since February. Manufacturing PMI in August at 47.0, down from 49.0 in July, created a four consecutive month drop. Iron Ore Key Indicators: • Platts62 $116.50, +3.20, MTD $107.06. BHP narrowed JMBF discount …
Iron Ore DCE January24 Daily Technical Review 23/08/23
Verdict- Neutral. DCE Jan24 contract created five-month high in early morning however corrected half of gains in the rest of day. The resistance of 836.5, listed high, was effective in short-run. Hourly MACD widened in bullish area. Hourly CCI corrected from bullish area to neutral area. Hourly slow stochastic KD created dead cross in overbought …
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Daily Virtual Steel Mill Report 23/08/23
Verdict: • Short-run Neutral. Macro: • A package of preferential tax policies to support healthy development of capital market is released by China, aiming to reduce tax burdens over enterprises and individuals. Iron Ore Key Indicators: • Platts62 $113.30, +2.95, MTD $106.43. The high production of steels, low port inventories and deliveries are …
Iron Ore DCE January24 Daily Technical Review 22/08/23
Verdict- Neutral. DCE Jan24 contract rebounded slightly as expected. Hourly MACD widened in bullish territory. CCI entered bullish territory. Short-run signals were indicating a resilience of current trend. Iron ore maintain strong as long as supported by 784.0 level in mid-run. First support 784.0. First resistance 836.5.
Daily Virtual Steel Mill Report 22/08/23
Verdict: • Short-run Neutral. Macro: • The unchanged 5-year LPR versus 10 bps decrease on 10-year LPR indicated a limited liquidity of China commercial banks. However commercial banks need to maintain the resilience of liquidity supply to real entities. The market expect more rate cuts in the following months in H2. Iron Ore …