Market Verdict on Iron Ore： • Neutral to bullish. Macro: • Chinese governors launched speech in Import Expo that China would promote all countries to share the country’s market opportunities, accelerate the construction of a bigger domestic market, optimize the trade mechanism, innovate the trade and services, and expand the import of high-quality products. …
Author archives: Hao Pei
Daily Virtual Steel Mill Report 04/11/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro: • BOE increased interest rate by 75 bps to 3%, refreshed the highest interest rate since 2008. • U.S. interest rate traders believed that the Federal would maintain the target interest rate at 5% during most time of 2023 to fight inflation. Iron …
Iron Ore DCE January Daily Technical Review 03/11/22
Verdict – Short-term neutral to bullish. DCE iron ore January contract rebounded as expected, refreshed higher highs and lows for three consecutive days. Iron ore trade volume decreased for the current two trading days with almost flat interest change, indicating the market potentially maintain slight bullish in the next few sessions. The first support is …
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Daily Virtual Steel Mill Report 03/11/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro: • U.S. FOMC increased interest rate by 75 bps to 3.75%-4%, as expected. However Jerome Powell speech mentioned the Federal potentially increase the target interest rate to 5%. U.S. stock index correct massively after the speech. • ECB president Christine Lagarde said that the …
Iron Ore DCE January Daily Technical Review 02/11/22
Verdict – Short-term neutral to bullish. DCE iron ore January contract consolidated to close with a doji today. Hourly slow stochastic KD created dead cross below overbought area. Hourly CCI fell to neutral area from bullish territory. However the trend line indicated the periodic rebound should last for more sessions. The first support is 618.0. …
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Daily Virtual Steel Mill Report 02/11/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro: • U.S. ISM PMI in October at 50.2, refreshed new low since May 2020. U.S. markit manufacturing PMI 50.4, refreshed new low since June 2020. • ECB president Christine Lagarde said that the main task of Europe at present is to stabilize prices, and …
Iron Ore DCE January Daily Technical Review 01/11/22
Verdict – Short-term neutral to bullish. DCE iron ore January contract rebounded along with the strong recovery sentiment on macro market. However Jan23 contract reached a theoretical low in a range box. The intra-day reversal was supported by the low level of the range box. The intra-day block trades were majorly caused by long covering …
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Daily Virtual Steel Mill Report 01/11/22
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 …
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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