Verdict- Neutral. Iron ore rebounded during the day as expected. We maintain iron ore neutral unless an effective breakthrough on the 810.0- 843.0 range box. Hourly CCI approached bearish territory. Hourly MACD flattened. Open interest loss by 5,000 lots indicating some investors left and remain watch and see mode. First support 810.0. First resistance 843.0.
Author archives: Hao Pei
Daily Virtual Steel Mill Report 16/07/24
Verdict: • Short-run Neutral. Macro: • China H1 GDP amount at 61.68 trillion yuan, GDP growth rate up 5% on the year. China H1 industrial value added amount above designated scale up 6% on the year. Iron Ore Key Indicators: • Platts62 $108.75, +0.75, MTD $109.75. • Rio Tinto Q2 iron ore production …
Iron Ore DCE Sep24 Daily Technical Review 15/07/24
Verdict- Neutral. Iron ore rebounded during the day as expected. In next session, iron ore potentially enter a range box from 810.0 – 850.0 unless an effective breakthrough on the boundary. Hourly slow stochastic KD created several higher gold crosses and approached overbought area. Hourly CCI corrected to neutral area. Hourly MACD widened in bullish …
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Daily Virtual Steel Mill Report 15/07/24
Verdict: • Short-run Neutral. Macro: • China customs: China toal import and export value of goods reached 21.17 trillion yuan, increased by 6.1% on the year and refreshed the highest single month record. • US June PPI annual rate increased by 2.6%, est. 2.3%, last 2.2%. PPI monthly rate in June increased by 0.2%, …
Iron Ore DCE Sep24 Daily Technical Review 12/07/24
Verdict- Neutral to Bullish. Iron ore traded in narrow range in the day, closed near last closing. Hourly MACD flattened in bullish territory. Hourly CCI tested high and returned to neutral area. Maintain iron ore neutral to bullish after a short-run consolidation. First support 810.0. First resistance 839.0.
Daily Virtual Steel Mill Report 12/07/24
Verdict: • Short-run Neutral. Macro: • In June, the US CPI increased by 3% year-on-year, falling back to the lowest level since June last year, estimated 3.1%, last 3.3%. The June CPI decreased by 0.1% month on month, estimated 0.1%, last 0%. The core CPI in June increased by 3.3% year-on-year, falling to the …
Iron Ore DCE Sep24 Daily Technical Review 11/07/24
Verdict- Neutral to Bullish. Iron ore rebounded during the trading day as we expected “oversold” from last report. Hourly MACD created gold cross. Hourly slow stochastic KD hiked after a gold cross created above oversold area. Technical signals were indicating a potential to test high in next session. First support 810.0. First resistance 839.0.
Daily Virtual Steel Mill Report 11/07/24
Verdict: • Short-run Neutral to Bullish. Macro: • Federal Reserve Chair Jerome Powell said he believed inflation was receding, yet to prove that price gains were sustainably slowing to the central bank’s 2% growth rate. • China Regulative Body CSRC approved an increase in margin requirements for short selling. The biggest lending provider will …
Iron Ore DCE Sep24 Daily Technical Review 10/07/24
Verdict- Neutral. The weak performance in China equity and metal sector dragged performance of iron ore. Hourly MACD widened in bearish territory. Hourly CCI entered bearish territory. Iron ore slowed down the correction during last two hours. Iron ore potentially regain support if standing on 810.0 level in next few sessions. Iron ore in short-run …
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Daily Virtual Steel Mill Report 10/07/24
Verdict: • Short-run Neutral. Macro: • Both S&P 500 and Nasdaq hit new closing highs on Tuesday, driven by the rise of Nvidia. Earlier, Federal Reserve Chairman Powell told lawmakers that more “good” economic data would strengthen the reason for interest rate cuts. The S&P 500 index rose 0.07% to close at 5576.98. The …