Market Verdict on Iron Ore： • Neutral. Macro: • G7 member countries and Australia reached a consensus to set roof price of Russia export oil at $60/barrel. • U.S. Labor Department statistics indicated that the November Non-Agricultural population reached 263,000 , beyond expected 200,000. Iron Ore Key Indicators: • Platts62 $107.30, +4.20, MTD …
Author archives: Hao Pei
Iron Ore DCE January Daily Technical Review 02/12/22
Verdict – Short-term neutral to bullish. DCE iron ore January contract maintained growth. The iron ore spiked after broke main resistance 780.5 during the day. Volume decreased with more positions rolling to May contract. Hourly slow stochastic KD approached overbought area. Hourly CCI closed to bullish territory. The first support is 780.5. The first resistance …
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Daily Virtual Steel Mill Report 02/12/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro: • China Caixin Manufacturing PMI 49.4, up 0.2 compared to October. U.K. Manufacturing November PMI 46.5, better than expected 46.2. Japan Manufacturing PMI 49, last 49.4. EU November Manufacturing PMI 47.1, lower than expected 47.3. Germany November Manufacturing PMI 46.2, last 46.7. • U.S. …
Iron Ore DCE January Daily Technical Review 01/12/22
Verdict – Short-term neutral. DCE iron ore January contract expected to finish rolling to May next week. Hourly MACD flattened in bearish territory. Hourly slow stochastic and CCI were both in neutral area. Short-run iron ore faced significant resistance at 779.5 – 780.5. The first support is 758.5. The first resistance is 800.0
Daily Virtual Steel Mill Report 01/12/22
Market Verdict on Iron Ore： • Neutral. Macro: • Citi Bank expected the global economy growth drop below 2% in 2023, similar to previous predictions by Morgan Stanley, Barkley, Goldman Sachs. • China November official PMI 48, est. 49, last 49.2. • U.S. Federal Jerome Powell indicated that potentially slow down December interest hike. …
Iron Ore DCE January Daily Technical Review 30/11/22
Verdict – Short-term neutral. DCE iron ore January contract tested low and recovered loss fast. Hourly MACD entered bearish territory. Hourly slow stochastic KD deepened correction. Short-run technical signals were indicating an exhaustion. Trading volume narrowed significantly. Market was in a watch-and-see mode. The first support is 758.5. The first resistance is 800.0
Daily Virtual Steel Mill Report 30/11/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro: • Germany October CPI up 10% on the year, lower than estimated 10.4%. • China November official PMI 48, est. 49, last 49.2. Iron Ore Key Indicators: • Platts62 $101.25, +2.35, MTD $92.88.China CSRC reopened the refinancing of property companies, the continuous sentiment …
Iron Ore DCE January Daily Technical Review 29/11/22
Verdict – Short-term neutral to bullish. DCE iron ore January contract rebound significantly during the day with expanding new buyers built positions. However hourly chart saw four consecutive black candles, together with a narrowed MACD and dead cross in slow stochastic KD, the short-run exhaustion expected to happen. In mid-run iron ore was still in …
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Daily Virtual Steel Mill Report 29/11/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro: • China CSRC spokesman supported the refinancing function of properties and related listed companies. • China NBS: China industrial valued added amount above designated scale reached 6.98 trillion yuan from January to October, down 3% on the year. The ferrous metallurgical industries down 92.7% …
Iron Ore DCE January Daily Technical Review 28/11/22
Verdict – Short-term neutral. DCE iron ore January contract was traded in huge range during the day. The two rounds of intra-day rebound were rejected below 764.5, periodic high. The low 743.0 was also the important support of late half of last week. Hourly slow stochastic retreated from overbought area to neutral area. Hourly CCI …
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